Jaleh Mehr is the owner of the retail store 151 Jeans. She purchases jeans from a number of manufacturers to bring great style and fit to her customers. Prepare journal entries for March 2023 to record the following transactions for a retail store. Assume a periodic inventory system. Mar. (2) Purchased jeans from Paige Denim under the following terms: $4,200 invoice price, 2/15, n/60, FOB shipping point. (3) Paid $350 for shipping charges on the purchase of March 2. (4) Returned to Paige Denim unacceptable merchandise that hadan invoice price of $400. (17). Sent a cheque to Paige Denim for the March 2 purchase, net of the returned merchandise and applicable discount. (18). Purchased jeans from JBrand under the following terms: $9, 600 invoice price, 2/10,n/30, FOB destination. (21). After brief negotiations, received from J Brand a $2,100 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. Please the answer has to be in Journal entry worksheet.
Jaleh Mehr is the owner of the retail store 151 Jeans. She purchases jeans from a number of manufacturers to bring great style and fit to her customers. Prepare journal entries for March 2023 to record the following transactions for a retail store. Assume a periodic inventory system. Mar. (2) Purchased jeans from Paige Denim under the following terms: $4,200 invoice price, 2/15, n/60, FOB shipping point. (3) Paid $350 for shipping charges on the purchase of March 2. (4) Returned to Paige Denim unacceptable merchandise that hadan invoice price of $400. (17). Sent a cheque to Paige Denim for the March 2 purchase, net of the returned merchandise and applicable discount. (18). Purchased jeans from JBrand under the following terms: $9, 600 invoice price, 2/10,n/30, FOB destination. (21). After brief negotiations, received from J Brand a $2,100 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. Please the answer has to be in Journal entry worksheet.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Jaleh Mehr is the owner of the retail store 151
Jeans. She purchases jeans from a number of
manufacturers to bring great style and fit to her
customers. Prepare journal entries for March 2023
to record the following transactions for a retail
store. Assume a periodic inventory system. Mar. (2)
Purchased jeans from Paige Denim under the
following terms: $4,200 invoice price, 2/15, n/60,
FOB shipping point. (3) Paid $350 for shipping
charges on the purchase of March 2. (4) Returned
to Paige Denim unacceptable merchandise that
hadan invoice price of $400. (17). Sent a cheque
to Paige Denim for the March 2 purchase, net of
the returned merchandise and applicable discount.
(18). Purchased jeans from JBrand under the
following terms: $9, 600 invoice price, 2/10, n/30,
FOB destination. (21). After brief negotiations,
received from J Brand a $2,100 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. Please the answer has
to be in Journal entry worksheet.
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