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 2020 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/6e, FOB shipping point. 3 Paid $350 for shipping charges on the purchase of March 2. 4 Returned to Paige Denim unacceptable merchandise that had an invoice price of $4ee. 17 Sent a cheque to Paige Denim for the March 2 purchase, net of the returned merchandise and applicable discount. 18 Purchased jeans from ) Brand under the following terms: $9,680 invoice price, 2/18, n/30, FO8 destination. 21 After brief negotiations, received from J Brand a $2,19e allowance on the purchase of March 18. 28 Sent a cheque to 3 Brand paying for the March 18 purchase, net of the discount and the allowance.
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 2020 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/6e, FOB shipping point. 3 Paid $350 for shipping charges on the purchase of March 2. 4 Returned to Paige Denim unacceptable merchandise that had an invoice price of $4ee. 17 Sent a cheque to Paige Denim for the March 2 purchase, net of the returned merchandise and applicable discount. 18 Purchased jeans from ) Brand under the following terms: $9,680 invoice price, 2/18, n/30, FO8 destination. 21 After brief negotiations, received from J Brand a $2,19e allowance on the purchase of March 18. 28 Sent a cheque to 3 Brand paying for the March 18 purchase, net of the discount and the allowance.
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 retall 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 2020 to record the following transactions for a retall store. Assume a perlodic
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 had an 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 J Brand under the following terms: $9,680 invoice price, 2/1e, 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 3 Brand paying for the March 18 purchase, net of the discount and the
allowance.
View transacfion list
Journal entry worksheet
3 4 5 6 7
2
Record purchase of merchandise on credit; terms 2/15, n/60, FOB Shipping.
Note: Enter debits before credits.
Date
General Journal
Debit
Credit
March 02, 2020
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