Feb. 5 Bought merchandise on account from Nancy Corporation, invoice no. A552, $752; terms net 30 days; dated January 3; FOB destination.Feb. 21 Bought merchandise on account from Allen Company, invoice no. 8545, $1,524.41; n/30; dated February 19; FOB shipping point, freight prepaid and added to the invoice, $150 (total $1,674.41).If required, round your answers to the nearest cent. If an amount box does not require an entry, leave it blank. PURCHASES JOURNALPAGE 65DATESUPPLIER'SNAMEINVNO.INV.DATETERMSPOST.REF.ACCOUNTSPAYABLECR.FREIGHT INDR.PURCHASESDR.20-- Feb. 5Nancy Corp.A5521/3n/30 fill in the blank 1fill in the blank 2fill in the blank 3Feb. 21Allen Company85452/19n/30 fill in the blank 4fill in the blank 5fill in the blank 6Feb. 28Totals fill in the blank 7fill in the blank 8fill in the blank 9 (212)(514)(511) GENERAL LEDGERACCOUNTAccounts Payable ACCOUNT NO.212 BALANCEDATEITEMPOST. REF.DEBITCREDITDEBITCREDIT20-- Feb 28 P65fill in the blank 10fill in the blank 11fill in the blank 12fill in the blank 13 GENERAL LEDGERACCOUNTPurchases ACCOUNT NO.511 BALANCEDATEITEMPOST. REF.DEBITCREDITDEBITCREDIT20-- Feb. 28 P65fill in the blank 14fill in the blank 15fill in the blank 16fill in the blank 17 GENERAL LEDGERACCOUNTFreight In ACCOUNT NO.514 BALANCEDATEITEMPOST. REF.DEBITCREDITDEBITCREDIT20-- Feb. 28 P65fill in the blank 18fill in the blank 19fill in the blank 20fill in the blank 21

Merchandise Inventory can be purchase either on FOB shipping or FOB Destination. In the case of the…

Answered: Feb. 5 Bought merchandise on account…

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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Feb. 5 Bought merchandise on account from Nancy Corporation, invoice no. A552, $752; terms net 30 days; dated January 3; FOB destination.
Feb. 21 Bought merchandise on account from Allen Company, invoice no. 8545, $1,524.41; n/30; dated February 19; FOB shipping point, freight prepaid and added to the invoice, $150 (total $1,674.41).

If required, round your answers to the nearest cent. If an amount box does not require an entry, leave it blank.

PURCHASES JOURNAL	PAGE 65
DATE	SUPPLIER'S NAME	INV NO.	INV. DATE	TERMS	POST. REF.	ACCOUNTS PAYABLE CR.	FREIGHT IN DR.	PURCHASES DR.
20--
Feb. 5	Nancy Corp.	A552	1/3	n/30		fill in the blank 1	fill in the blank 2	fill in the blank 3
Feb. 21	Allen Company	8545	2/19	n/30		fill in the blank 4	fill in the blank 5	fill in the blank 6
Feb. 28	Totals					fill in the blank 7	fill in the blank 8	fill in the blank 9
						(212)	(514)	(511)

GENERAL LEDGER
ACCOUNT	Accounts Payable		ACCOUNT NO.	212
	BALANCE
DATE	ITEM	POST. REF.	DEBIT	CREDIT	DEBIT	CREDIT
20--
Feb 28		P65	fill in the blank 10	fill in the blank 11	fill in the blank 12	fill in the blank 13

GENERAL LEDGER
ACCOUNT	Purchases		ACCOUNT NO.	511
	BALANCE
DATE	ITEM	POST. REF.	DEBIT	CREDIT	DEBIT	CREDIT
20--
Feb. 28		P65	fill in the blank 14	fill in the blank 15	fill in the blank 16	fill in the blank 17

GENERAL LEDGER
ACCOUNT	Freight In		ACCOUNT NO.	514
	BALANCE
DATE	ITEM	POST. REF.	DEBIT	CREDIT	DEBIT	CREDIT
20--
Feb. 28		P65	fill in the blank 18	fill in the blank 19	fill in the blank 20	fill in the blank 21

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