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. Assume a perpetual inventory system. Mar. 2 Purchased jeans from Paige Denim under the following terms: $3,500 invoice price, 1/15, n/60, FOB shipping point. 3 Paid $280 for shipping charges on the purchase of March 2. 4 Returned to Paige Denim unacceptable merchandise that had an invoice price of $3ee. 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: $8,200 invoice price, 1/10, n/30, FOB destination. 21 After brief negotiations, received from J Brand a $1,400 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
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. Assume a perpetual inventory system. Mar. 2 Purchased jeans from Paige Denim under the following terms: $3,500 invoice price, 1/15, n/60, FOB shipping point. 3 Paid $280 for shipping charges on the purchase of March 2. 4 Returned to Paige Denim unacceptable merchandise that had an invoice price of $3ee. 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: $8,200 invoice price, 1/10, n/30, FOB destination. 21 After brief negotiations, received from J Brand a $1,400 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
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 2020 to record the following transactions. Assume a perpetual inventory system.
Mar. 2 Purchased jeans from Paige Denim under the following terms: $3,500 invoice price, 1/15, n/60, FOB shipping point.
3 Paid $280 for shipping charges on the purchase of March 2.
4 Returned to Paige Denim unacceptable merchandise that had an invoice price of $300.
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: $8,200 invoice price, 1/10, n/30, FOB destination.
21 After brief negotiations, received from J Brand a $1,400 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
4
6.
Record purchase of merchandise on credit; terms 1/15, n/60, FOB shipping.
Note: Enter debits before credits.
Date
General Journal
Debit
Credit
March 02, 2020
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