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Mar. 1. Purchased merchandise from Haas Co., $43,250, terms FOB shipping point, 2/10, n/eom. Prepaid freight of $650 was added to the invoice. 5. Purchased merchandise from Whitman Co., $19,175, terms FOB destination, n/30. 10. Paid Haas Co. for invoice of March 1. 13. Purchased merchandise from Jost Co., $15,550, terms FOB destination, 2/10, n/30. 14. Issued debit memo to Jost Co. for $3,750 of merchandise returned from purchase on March 13. 18. Purchased merchandise from Fairhurst Company, $13,560, terms FOB shipping point, n/eom. 18. Paid freight of $140 on March 18 purchase from Fairhurst Company. 19. Purchased merchandise from Bickle Co., $6,500, terms FOB destination, 2/10, n/30. 23. Paid Jost Co. for invoice of March 13 less debit memo of March 14. 29. Paid Bickle Co. for invoice of March 19. 31. Paid Fairhurst Company for invoice of March 18. 31. Paid Whitman Co. for invoice of March 5. Required: Journalize the entries to record the transactions of Niles Co. for March using the periodic inventory system. For a compound transaction, if an amount box does not require an entry, leave it blank. Purchases v Mar. 1 Freight In v Accounts Payable-Haas Co. / Mar. 5 Purchases v Accounts Payable-Whitman Co. / Accounts Payable-Whitman Co. V Accounts Payable-Haas Co. V Mar. 10 Cash v Purchases Discounts v Purchases Mar. 13 Accounts Payable-Jost Co. V Accounts Payable-Jost Co. V Mar. 14 Purchases Returns and Allowances Mar. 18-purchase Purchases v Accounts Payable-Fairhurst Company Mar. 18-freight Freight In v Cash v Mar. 19 Purchases Accounts Payable-Bickle Co. V Accounts Payable-Jost Co. V Mar. 23 Cash Purchases Discounts v

Mar. 1. Purchased merchandise from Haas Co., $43,250, terms FOB shipping point, 2/10, n/eom. Prepaid freight of $650 was added to the invoice. 5. Purchased merchandise from Whitman Co., $19,175, terms FOB destination, n/30. 10. Paid Haas Co. for invoice of March 1. 13. Purchased merchandise from Jost Co., $15,550, terms FOB destination, 2/10, n/30. 14. Issued debit memo to Jost Co. for $3,750 of merchandise returned from purchase on March 13. 18. Purchased merchandise from Fairhurst Company, $13,560, terms FOB shipping point, n/eom. 18. Paid freight of $140 on March 18 purchase from Fairhurst Company. 19. Purchased merchandise from Bickle Co., $6,500, terms FOB destination, 2/10, n/30. 23. Paid Jost Co. for invoice of March 13 less debit memo of March 14. 29. Paid Bickle Co. for invoice of March 19. 31. Paid Fairhurst Company for invoice of March 18. 31. Paid Whitman Co. for invoice of March 5. Required: Journalize the entries to record the transactions of Niles Co. for March using the periodic inventory system. For a compound transaction, if an amount box does not require an entry, leave it blank. Purchases v Mar. 1 Freight In v Accounts Payable-Haas Co. / Mar. 5 Purchases v Accounts Payable-Whitman Co. / Accounts Payable-Whitman Co. V Accounts Payable-Haas Co. V Mar. 10 Cash v Purchases Discounts v Purchases Mar. 13 Accounts Payable-Jost Co. V Accounts Payable-Jost Co. V Mar. 14 Purchases Returns and Allowances Mar. 18-purchase Purchases v Accounts Payable-Fairhurst Company Mar. 18-freight Freight In v Cash v Mar. 19 Purchases Accounts Payable-Bickle Co. V Accounts Payable-Jost Co. V Mar. 23 Cash Purchases Discounts v

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Mar. 1. Purchased merchandise from Haas Co., $43,250, terms FOB shipping point, 2/10, n/eom. Prepaid freight of $650 was added to the invoice. 5. Purchased merchandise from Whitman Co., $19,175, terms FOB destination, n/30. 10. Paid Haas Co. for invoice of March 1. 13. Purchased merchandise from Jost Co., $15,550, terms FOB destination, 2/10, n/30. 14. Issued debit memo to Jost Co. for $3,750 of merchandise returned from purchase on March 13. 18. Purchased merchandise from Fairhurst Company, $13,560, terms FOB shipping point, n/eom. 18. Paid freight of $140 on March 18 purchase from Fairhurst Company. 19. Purchased merchandise from Bickle Co., $6,500, terms FOB destination, 2/10, n/30. 23. Paid Jost Co. for invoice of March 13 less debit memo of March 14. 29. Paid Bickle Co. for invoice of March 19. 31. Paid Fairhurst Company for invoice of March 18. 31. Paid Whitman Co. for invoice of March 5. Required: Journalize the entries to record the transactions of Niles Co. for March using the periodic inventory system. For a compound transaction, if an amount box does not require an entry, leave it blank. Purchases v Mar. 1 Freight In v Accounts Payable-Haas Co. / Mar. 5 Purchases v Accounts Payable-Whitman Co. /
Transcribed Image Text:Mar. 1. Purchased merchandise from Haas Co., $43,250, terms FOB shipping point, 2/10, n/eom. Prepaid freight of $650 was added to the invoice. 5. Purchased merchandise from Whitman Co., $19,175, terms FOB destination, n/30. 10. Paid Haas Co. for invoice of March 1. 13. Purchased merchandise from Jost Co., $15,550, terms FOB destination, 2/10, n/30. 14. Issued debit memo to Jost Co. for $3,750 of merchandise returned from purchase on March 13. 18. Purchased merchandise from Fairhurst Company, $13,560, terms FOB shipping point, n/eom. 18. Paid freight of $140 on March 18 purchase from Fairhurst Company. 19. Purchased merchandise from Bickle Co., $6,500, terms FOB destination, 2/10, n/30. 23. Paid Jost Co. for invoice of March 13 less debit memo of March 14. 29. Paid Bickle Co. for invoice of March 19. 31. Paid Fairhurst Company for invoice of March 18. 31. Paid Whitman Co. for invoice of March 5. Required: Journalize the entries to record the transactions of Niles Co. for March using the periodic inventory system. For a compound transaction, if an amount box does not require an entry, leave it blank. Purchases v Mar. 1 Freight In v Accounts Payable-Haas Co. / Mar. 5 Purchases v Accounts Payable-Whitman Co. /
Accounts Payable-Whitman Co. V Accounts Payable-Haas Co. V Mar. 10 Cash v Purchases Discounts v Purchases Mar. 13 Accounts Payable-Jost Co. V Accounts Payable-Jost Co. V Mar. 14 Purchases Returns and Allowances Mar. 18-purchase Purchases v Accounts Payable-Fairhurst Company Mar. 18-freight Freight In v Cash v Mar. 19 Purchases Accounts Payable-Bickle Co. V Accounts Payable-Jost Co. V Mar. 23 Cash Purchases Discounts v
Transcribed Image Text:Accounts Payable-Whitman Co. V Accounts Payable-Haas Co. V Mar. 10 Cash v Purchases Discounts v Purchases Mar. 13 Accounts Payable-Jost Co. V Accounts Payable-Jost Co. V Mar. 14 Purchases Returns and Allowances Mar. 18-purchase Purchases v Accounts Payable-Fairhurst Company Mar. 18-freight Freight In v Cash v Mar. 19 Purchases Accounts Payable-Bickle Co. V Accounts Payable-Jost Co. V Mar. 23 Cash Purchases Discounts v
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