Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following selected transactions were completed by Niles Co. during March of the current year: Mar. 1. Purchased merchandise from Haas Co., $9,350, terms FOB

The following selected transactions were completed by Niles Co. during March of the current year: Mar. 1. Purchased merchandise from Haas Co., $9,350, terms FOB shipping point, 2/10, n/30. Prepaid freight of $205 was added to the invoice. 5. Purchased merchandise from Whitman Co., $14,430, terms FOB destination, n/eom. 10. Paid Haas Co. for invoice of March 1. 13. Purchased merchandise from Jost Co., $14,550, terms FOB destination, 2/10, n/30. 14. Issued debit memo to Jost Co. for merchandise with an invoice amount of $4,400 returned from purchase on March 13. 18. Purchased merchandise from Fairhurst Company, $26,390, terms FOB shipping point, n/eom. 18. Paid freight of $385 on March 18 purchase from Fairhurst Company. 19. Purchased merchandise from Bickle Co., $22,600, terms FOB destination, 2/10, n/30. 23. Paid Jost Co. for invoice of March 13, less debit memo of March 14. 29. Paid Bickle Co. for invoice of March 19. 31. Paid Fairhurst Company for invoice of March 18. 31. Paid Whitman Co. for invoice of March 5. Required: Journalize the entries to record the transactions of Niles Co. for March. If an amount box does not require an entry, leave it blank.
image text in transcribed
image text in transcribed
The following selected transactions were completed by Niles Co. during March of the current year: Mar, 1. Purchased merchandise from Haas Co., $9,350, terms FOB shipping point, 2/10, n/30. Prepaid freight of $205 was added to the invoice. 5. Purchased merchandise from Whitman Co, $14,430, terms FOB destination, n/eom. 10. Paid Haas Co, for invoice of March 1. 13. Purchased merchandise from Jost Co. $14,550, terms FoB destination, 2/10,n/30. 14. issued debit memo to Jost Co. for merchandise with an invoice amount of $4,400 returned from purchase on March 13 . 18. Purchased merchandise from Fairhurst Company, $26,390, terms FOB shipping point, n/eom. 18. Paid freight of $385 on March 18 purchase from Fairhurst Company. 19. Purchased merchandise from Bickle Co. $22,600, terms FOB destination, 2/10,n/30. 23. Paid Jost Co, for invoice of March 13, less debit memo of March 14. 29. Paid Bickle Co. for invoice of March 19. 31. Paid Fairhurst Company for involce of March 18. 31. Paid Whitman Co, for invoice of March 5. Required: Journalize the entries to record the transactions of Niles Co, for March. If an amount box does not require an entry. leave it biank. Journalize the entries to record the transactions of Niles Co. for March. If an amount box does not require an entry, leave it blank: Mar. 1 Mar, 14 Accounes Payableslost co Inventory Mar. 18 Inventory v Accounts Payable-fairhurnt Company v

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Managerial Accounting Concepts Hc 2000 Annotated

Authors: Edmonds/Edmonds/Tsay

B000MLUWIW

More Books

Students also viewed these Accounting questions

Question

Persuading Your Audience Strategies for

Answered: 1 week ago