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Prepare journal entries to record the following transactions of Recycled Fashion retail store. Recycled Fashion uses a perpetual Inventory system and the gross method. March 3 Purchased $1,358 of merchandise from Greenworld Company with credit terms of 2/15, n/68, invoice dated March 3, and FOB shipping point. March 4 Paid $88 cash for shipping charges on the March 3 purchase. March 5 Returned to Greenworld unacceptable merchandise that had an invoice price of $188. March 18 Paid Greenworld for the March 3 purchase, net of the discount and the returned merchandise. March 19 Purchased $815 of merchandise from PeopleFirst Corporation with credit terms of 1/18, n/38, invoice dated March 19, and FOB destination. March 21 After negotiations, received from Peoplefirst a $15 allowance (for scuffed merchandise) toward the $815 owed on the March 19 purchase. March 29 Sent check to PeopleFirst paying for the March 19 purchase, net of the allowance and the discount. Vew trachon lat View journal entry worksheet No Date General Journal 1 March 03 Merchandise inventory Debit Credit 1,350 Accounts payable-GreenWorld 1,360 2 March 04 Merchandise inventory Cash 80 80 3 March 05 Accounts payable GreenWorld 1,230 Merchandise inventory 1,206 March 18 Accounts payable-GreenWorld Merchandise inventory Cash 815 16 799 5 March 19 Merchandise inventory 815 Accounts payable PeopleFirst 815 6 March 21 Accounts payable PeopleFirst Merchandise inventory 15 15 March 29 Accounts payable PeopleFirst Merchandise inventory Cash 800 B 792

Prepare journal entries to record the following transactions of Recycled Fashion retail store. Recycled Fashion uses a perpetual Inventory system and the gross method. March 3 Purchased $1,358 of merchandise from Greenworld Company with credit terms of 2/15, n/68, invoice dated March 3, and FOB shipping point. March 4 Paid $88 cash for shipping charges on the March 3 purchase. March 5 Returned to Greenworld unacceptable merchandise that had an invoice price of $188. March 18 Paid Greenworld for the March 3 purchase, net of the discount and the returned merchandise. March 19 Purchased $815 of merchandise from PeopleFirst Corporation with credit terms of 1/18, n/38, invoice dated March 19, and FOB destination. March 21 After negotiations, received from Peoplefirst a $15 allowance (for scuffed merchandise) toward the $815 owed on the March 19 purchase. March 29 Sent check to PeopleFirst paying for the March 19 purchase, net of the allowance and the discount. Vew trachon lat View journal entry worksheet No Date General Journal 1 March 03 Merchandise inventory Debit Credit 1,350 Accounts payable-GreenWorld 1,360 2 March 04 Merchandise inventory Cash 80 80 3 March 05 Accounts payable GreenWorld 1,230 Merchandise inventory 1,206 March 18 Accounts payable-GreenWorld Merchandise inventory Cash 815 16 799 5 March 19 Merchandise inventory 815 Accounts payable PeopleFirst 815 6 March 21 Accounts payable PeopleFirst Merchandise inventory 15 15 March 29 Accounts payable PeopleFirst Merchandise inventory Cash 800 B 792

Century 21 Accounting Multicolumn Journal
Century 21 Accounting Multicolumn Journal
11th Edition
ISBN:9781337679503
Author:Gilbertson
Publisher:Gilbertson
Chapter11: Accounting For Transactions Using A General Journal
Section: Chapter Questions
Problem 1CP
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Prepare journal entries to record the following transactions of Recycled Fashion retail store. Recycled Fashion uses a perpetual Inventory system and the gross method. March 3 Purchased $1,358 of merchandise from Greenworld Company with credit terms of 2/15, n/68, invoice dated March 3, and FOB shipping point. March 4 Paid $88 cash for shipping charges on the March 3 purchase. March 5 Returned to Greenworld unacceptable merchandise that had an invoice price of $188. March 18 Paid Greenworld for the March 3 purchase, net of the discount and the returned merchandise. March 19 Purchased $815 of merchandise from PeopleFirst Corporation with credit terms of 1/18, n/38, invoice dated March 19, and FOB destination. March 21 After negotiations, received from Peoplefirst a $15 allowance (for scuffed merchandise) toward the $815 owed on the March 19 purchase. March 29 Sent check to PeopleFirst paying for the March 19 purchase, net of the allowance and the discount. Vew trachon lat View journal entry worksheet No Date General Journal 1 March 03 Merchandise inventory Debit Credit 1,350 Accounts payable-GreenWorld 1,360 2 March 04 Merchandise inventory Cash 80 80 3 March 05 Accounts payable GreenWorld 1,230 Merchandise inventory 1,206 March 18 Accounts payable-GreenWorld Merchandise inventory Cash 815 16 799 5 March 19 Merchandise inventory 815 Accounts payable PeopleFirst 815 6 March 21 Accounts payable PeopleFirst Merchandise inventory 15 15 March 29 Accounts payable PeopleFirst Merchandise inventory Cash 800 B 792
Transcribed Image Text:Prepare journal entries to record the following transactions of Recycled Fashion retail store. Recycled Fashion uses a perpetual Inventory system and the gross method. March 3 Purchased $1,358 of merchandise from Greenworld Company with credit terms of 2/15, n/68, invoice dated March 3, and FOB shipping point. March 4 Paid $88 cash for shipping charges on the March 3 purchase. March 5 Returned to Greenworld unacceptable merchandise that had an invoice price of $188. March 18 Paid Greenworld for the March 3 purchase, net of the discount and the returned merchandise. March 19 Purchased $815 of merchandise from PeopleFirst Corporation with credit terms of 1/18, n/38, invoice dated March 19, and FOB destination. March 21 After negotiations, received from Peoplefirst a $15 allowance (for scuffed merchandise) toward the $815 owed on the March 19 purchase. March 29 Sent check to PeopleFirst paying for the March 19 purchase, net of the allowance and the discount. Vew trachon lat View journal entry worksheet No Date General Journal 1 March 03 Merchandise inventory Debit Credit 1,350 Accounts payable-GreenWorld 1,360 2 March 04 Merchandise inventory Cash 80 80 3 March 05 Accounts payable GreenWorld 1,230 Merchandise inventory 1,206 March 18 Accounts payable-GreenWorld Merchandise inventory Cash 815 16 799 5 March 19 Merchandise inventory 815 Accounts payable PeopleFirst 815 6 March 21 Accounts payable PeopleFirst Merchandise inventory 15 15 March 29 Accounts payable PeopleFirst Merchandise inventory Cash 800 B 792
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