eh Mehr is the owner of the retail store 151 Jeans. She purchases jeans from a number of man er customers. Prepare journal entries for March 2023 to record the following transactions. As 2 Purchased jeans from Paige Denim under the following tamu 3 Paid $290 for chi da 00

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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eh Mehr is the owner of the retail store 151 Jeans. She purchases jeans from a number of manufacturers to bring great st
her customers. Prepare journal entries for March 2023 to record the following transactions. Assume a perpetual inventor
2 Purchased jeans from Paige Denim under the following terms: $3,600 invoice price, 3/15, n/60, FOB shipping point.
3 Paid $290 for shipping charges on the purchase of March 2.
4 Returned to Paige Denim unacceptable merchandise that had an invoice price of $500.
17 Sent a theque to Paige Denim for the March 2 purchase, net of the returned merchandise and applicable discount.
18 Purchased jeans from J Brand under the following terms: $8,400 invoice price, 3/10, n/30, FOB destination.
21 After brief negotiations, received from J Brand a $1,500 allowance on the purchase of March 18.
28 Sent a cheque to J Brand paying for the March 18 purchase, net of the discount and the allowance.
iew transaction list View journal entry worksheet
Saved
No
1
Date
March 02, 2023 Merchandise inventory
General Journal
Debit
3,600
Credit
.........
Transcribed Image Text:eh Mehr is the owner of the retail store 151 Jeans. She purchases jeans from a number of manufacturers to bring great st her customers. Prepare journal entries for March 2023 to record the following transactions. Assume a perpetual inventor 2 Purchased jeans from Paige Denim under the following terms: $3,600 invoice price, 3/15, n/60, FOB shipping point. 3 Paid $290 for shipping charges on the purchase of March 2. 4 Returned to Paige Denim unacceptable merchandise that had an invoice price of $500. 17 Sent a theque to Paige Denim for the March 2 purchase, net of the returned merchandise and applicable discount. 18 Purchased jeans from J Brand under the following terms: $8,400 invoice price, 3/10, n/30, FOB destination. 21 After brief negotiations, received from J Brand a $1,500 allowance on the purchase of March 18. 28 Sent a cheque to J Brand paying for the March 18 purchase, net of the discount and the allowance. iew transaction list View journal entry worksheet Saved No 1 Date March 02, 2023 Merchandise inventory General Journal Debit 3,600 Credit .........
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