Journalize the following transactions that occurred in March for Downton Company. Assume Downton uses the periodic inventory system. No explanations are needed. Identify each accounts payable and accounts receivable with the vendor or customer name. Downton estimates sales returns at the end of each month. (Record debits first, then credits. Exclude explanations from journal entries. Assume the company records sales at the net amount. Round all amounts to the nearest whole dollar.) More info Mar. 3 Mar. 4 Mar. 4 Mar. 6 Mar. 8 Mar. 9 Mar. 10 Mar. 12 Mar. 13 Mar. 15 Mar. 22 Mar. 23 Mar. 25 Mar. 29 Mar. 30 Purchased merchandise inventory on account from Sherry Wholesalers, $4,000. Terms 1/15, n/EOM, FOB shipping point. Paid freight bill of $90 on March 3 purchase. Purchase merchandise inventory for cash of $1,900. Returned $1,100 of inventory from March 3 purchase. Sold merchandise inventory to Hillis Company, $2,500, on account. Terms 1/15, n/35. Purchased merchandise inventory on account from Tristan Wholesalers, $5,000. Terms 1/10, n/30, FOB destination. Made payment to Sherry Wholesalers for goods purchased on March 3, less return and discount. Received payment from Hillis Company, less discount. After negotiations, received a $500 allowance from Tristan Wholesalers. Sold merchandise inventory to Jex Company, $1,800, on account. Terms n/EOM. Made payment, less allowance, to Tristan Wholesalers for goods purchased on March 9. Jex Company returned $500 of the merchandise sold on March 15. Sold merchandise inventory to Sundun for $1,200 on account. Terms of 3/10, n/30 was offered, FOB shipping point. Received payment from Sundun, less discount. Received payment from Jex Company, less return. - X
Journalize the following transactions that occurred in March for Downton Company. Assume Downton uses the periodic inventory system. No explanations are needed. Identify each accounts payable and accounts receivable with the vendor or customer name. Downton estimates sales returns at the end of each month. (Record debits first, then credits. Exclude explanations from journal entries. Assume the company records sales at the net amount. Round all amounts to the nearest whole dollar.) More info Mar. 3 Mar. 4 Mar. 4 Mar. 6 Mar. 8 Mar. 9 Mar. 10 Mar. 12 Mar. 13 Mar. 15 Mar. 22 Mar. 23 Mar. 25 Mar. 29 Mar. 30 Purchased merchandise inventory on account from Sherry Wholesalers, $4,000. Terms 1/15, n/EOM, FOB shipping point. Paid freight bill of $90 on March 3 purchase. Purchase merchandise inventory for cash of $1,900. Returned $1,100 of inventory from March 3 purchase. Sold merchandise inventory to Hillis Company, $2,500, on account. Terms 1/15, n/35. Purchased merchandise inventory on account from Tristan Wholesalers, $5,000. Terms 1/10, n/30, FOB destination. Made payment to Sherry Wholesalers for goods purchased on March 3, less return and discount. Received payment from Hillis Company, less discount. After negotiations, received a $500 allowance from Tristan Wholesalers. Sold merchandise inventory to Jex Company, $1,800, on account. Terms n/EOM. Made payment, less allowance, to Tristan Wholesalers for goods purchased on March 9. Jex Company returned $500 of the merchandise sold on March 15. Sold merchandise inventory to Sundun for $1,200 on account. Terms of 3/10, n/30 was offered, FOB shipping point. Received payment from Sundun, less discount. Received payment from Jex Company, less return. - X
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Journalize the following transactions that occurred in March for Downton Company. Assume Downton uses the periodic inventory system. No explanations are needed. Identify each accounts payable and
accounts receivable with the vendor or customer name. Downton estimates sales returns at the end of each month. (Record debits first, then credits. Exclude explanations from journal entries. Assume the
company records sales at the net amount. Round all amounts to the nearest whole dollar.)
More info
Mar. 3
Mar. 4
Mar. 4
Mar. 6
Mar. 8
Mar. 9
Mar. 10
Mar. 12
Mar. 13
Mar. 15
Mar. 22
Mar. 23
Mar. 25
Mar. 29
Mar. 30
Purchased merchandise inventory on account from Sherry Wholesalers, $4,000. Terms 1/15, n/EOM, FOB shipping
point.
Paid freight bill of $90 on March 3 purchase.
Purchase merchandise inventory for cash of $1,900.
Returned $1,100 of inventory from March 3 purchase.
Sold merchandise inventory to Hillis Company, $2,500, on account. Terms 1/15, n/35.
Purchased merchandise inventory on account from Tristan Wholesalers, $5,000. Terms 1/10, n/30, FOB destination.
Made payment to Sherry Wholesalers for goods purchased on March 3, less return and discount.
Received payment from Hillis Company, less discount.
After negotiations, received a $500 allowance from Tristan Wholesalers.
Sold merchandise inventory to Jex Company, $1,800, on account. Terms n/EOM.
Made payment, less allowance, to Tristan Wholesalers for goods purchased on March 9.
Jex Company returned $500 of the merchandise sold on March 15.
Sold merchandise inventory to Sundun for $1,200 on account. Terms of 3/10, n/30 was offered, FOB shipping point.
Received payment from Sundun, less discount.
Received payment from Jex Company, less return.
- Х
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