Question

Purchase-Related Transactions Using Perpetual Inventory System The following selected transactions were completed by Niles Co. during March of the current year: Mar. 1. Purchased merchandise from Haas Co., $13,600, terms FOB shipping point, 2/10, n/eom. Prepaid freight of $300 was added to the invoice. 5. Purchased merchandise from Whitman Co., $12,200, terms FOB destination, n/30. 10. Paid Haas Co. for invoice of March 1. 13. Purchased merchandise from Jost Co., $5,300, terms FOB destination, 1/10, n/30. 14. Issued debit memo to Jost Co. for $1,000 of merchandise returned from purchase on March 13. 18. Purchased merchandise from Fairhurst Company, $9,500, terms FOB shipping point, n/eom. 18. Paid freight of $140 on March 18 purchase from Fairhurst Company. 19. Purchased merchandise from Bickle Co., $13,600, 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 5Journalize the entries to record the transactions of Britt Co. for March.Mar. 1 Merchandise Inventory Accounts Payable-Haas Co. Mar. 5 Mar. 10 Mar. 13 Mar. 14 Mar. 18-purchase Mar. 18-freight Mar. 19 Mar. 23 Mar. 29 Mar. 31-Fairhurst Mar. 31-Whitman

Answer 1

01-Mar

Dr Inventory $13,628

Cr Accounts payable-Hass co $13,628

05-Mar

Dr Inventory $12,200

Cr Accounts payable-Whitman co. $12,200

10-Mar

Dr Accounts payable-Hass co $13,628

Cr Cash $13,628

13-Mar

Dr Inventory $5,247

Cr Accounts payable-Jost Co. $5,247

14-Mar

Dr Accounts payable-Jost Co. $990

Cr Inventory $990

18-Mar

Dr Inventory $9,500

Cr Accounts payable-Fairhurst company $9,500

18-Mar

Dr Inventory $140

Cr Cash $140

19-Mar

Dr Inventory $13,328

Cr Accounts payable-Bickle Co $13,328

23-Mar

Dr Accounts payable-Jost Co. $4,257

Cr Cash $4,257

29-Mar

Dr Accounts payable-Bickle Co $13,328

Cr Cash $13,328

31-Mar

Dr Accounts payable-Fairhurst company $9,500

Cr Cash $9,500

31-Mar

Dr Accounts payable-Whitman co. $12,200

Cr Cash $12,200

Step-by-step explanation:

Preparation of the journal entries to record the transactions of Britt Co. for March.M

01-Mar

Dr Inventory $13,628

Cr Accounts payable-Hass co $13,628

(13,600*98%+300)

05-Mar

Dr Inventory $12,200

Cr Accounts payable-Whitman co. $12,200

10-Mar

Dr Accounts payable-Hass co $13,628

Cr Cash $13,628

13-Mar

Dr Inventory $5,247

Cr Accounts payable-Jost Co. $5,247

(5,300*99%)

14-Mar

Dr Accounts payable-Jost Co. $990

Cr Inventory $990

(1,000*99%)

18-Mar

Dr Inventory $9,500

Cr Accounts payable-Fairhurst company $9,500

18-Mar

Dr Inventory $140

Cr Cash $140

19-Mar

Dr Inventory $13,328

Cr Accounts payable-Bickle Co $13,328

($13,600*98%)

23-Mar

Dr Accounts payable-Jost Co. $4,257

Cr Cash $4,257

($5,247-$990)

29-Mar

Dr Accounts payable-Bickle Co $13,328

Cr Cash $13,328

31-Mar

Dr Accounts payable-Fairhurst company $9,500

Cr Cash $9,500

31-Mar

Dr Accounts payable-Whitman co. $12,200

Cr Cash $12,200