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. Assume a perpetual inventory system. Mar. 2 Purchased jeans from Paige Denim under the following terms: $4,900 invoice price, 3/15, n/60, FOB shipping point. 3 Paid $420 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 cheque 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: $11,000 invoice price, 3/10, n/30, FOB destination. 21 After brief negotiations, received from J Brand a $2,800 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. View transaction list Journal entry worksheet < 1 2 3 4 5 6 7 Record purchase of merchandise on credit; terms 3/15, n/60, FOB shipping. W
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. Assume a perpetual inventory system. Mar. 2 Purchased jeans from Paige Denim under the following terms: $4,900 invoice price, 3/15, n/60, FOB shipping point. 3 Paid $420 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 cheque 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: $11,000 invoice price, 3/10, n/30, FOB destination. 21 After brief negotiations, received from J Brand a $2,800 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. View transaction list Journal entry worksheet < 1 2 3 4 5 6 7 Record purchase of merchandise on credit; terms 3/15, n/60, FOB shipping. W
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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i.7
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. Assume a perpetual inventory system.
Mar. 2 Purchased jeans from Paige Denim under the following terms: $4,900 invoice price, 3/15, n/60, FOB shipping point.
3 Paid $420 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 cheque 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: $11,000 invoice price, 3/10, n/30, FOB destination.
21 After brief negotiations, received from J Brand a $2,800 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.
View transaction list
Journal entry worksheet
<
1
2
3
4
5
6 7
Record purchase of merchandise on credit; terms 3/15, n/60, FOB shipping.
W
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