e following selected trensacfions were completed by Niles Co during March of the current yean Niles Co. uses the net method under a perpetual inventory system. Nan 1. Prchast merchandse from Haas Co $10,100, terms FOB shipping point, 2/10, n/eom. Prepald freight of $220 was added to the iOveice & Nerchased erohanine fom Whitman Co, $14,105, terms FOB destination, V30. 10 Ped Noas Co. for invoice of March 1. 13. Purchased merchandise from Jost Co, $12,800, terms POB destination, 2/10, 1/30, N. Ased debt memo to Jost Co. for merchandise with an involce amount of $5,000 returned from purchase on March 13 18 Purchase merchandise from Feirhurst Company, $24,620, terms FOB shipping point, nveom. 18 Peid freight of $375 on Narch 18 purchase from Fairhurst Company 19 Purchased merchandise from Bickle Co, $19,900, terms FO8 destination, 1/10, /30, 23. Peid Jost C for invoice of March 13, less debit memo of March 14 29 Paid Bickie Co. for invoice of Narch 1S 32. Peid Reirhurst Company for invoice of March 18. 33. Peid whitman Ca. for invoice of March 5.

e following selected trensacfions were completed by Niles Co during March of the current yean Niles Co. uses the net method under a perpetual inventory system. Nan 1. Prchast merchandse from Haas Co $10,100, terms FOB shipping point, 2/10, n/eom. Prepald freight of $220 was added to the iOveice & Nerchased erohanine fom Whitman Co, $14,105, terms FOB destination, V30. 10 Ped Noas Co. for invoice of March 1. 13. Purchased merchandise from Jost Co, $12,800, terms POB destination, 2/10, 1/30, N. Ased debt memo to Jost Co. for merchandise with an involce amount of $5,000 returned from purchase on March 13 18 Purchase merchandise from Feirhurst Company, $24,620, terms FOB shipping point, nveom. 18 Peid freight of $375 on Narch 18 purchase from Fairhurst Company 19 Purchased merchandise from Bickle Co, $19,900, terms FO8 destination, 1/10, /30, 23. Peid Jost C for invoice of March 13, less debit memo of March 14 29 Paid Bickie Co. for invoice of Narch 1S 32. Peid Reirhurst Company for invoice of March 18. 33. Peid whitman Ca. for invoice of March 5.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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