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 $1,270 of merchandise from GreenWorld Company with credit terms of 2/15, n/60, invoice dated March 3, and FOB shipping point. March 4 Paid $65 cash for shipping charges on the March 3 purchase. March 5 Returned to GreenWorld unacceptable merchandise that had an invoice price of $120. March 18 Paid GreenWorld for the March 3 purchase, net of the discount and the returned merchandise. March 19 Purchased $320 of merchandise from People First Corporation with credit terms of 1/10, n/30, invoice dated March 19, and FOB destination. March 21 After negotiations, received from People First a $20 allowance (for scuffed merchandise) toward the $320 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. View transaction list Journal entry worksheet < 1 2 3 4 5 6 7 Purchased $1,270 of merchandise from GreenWorld Company with credit terms of 2/15, n/60, invoice dated March 3, and FOB shipping point. Note: Enter debits before credits, Date March 03 General Journal Debit Credit >
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 $1,270 of merchandise from GreenWorld Company with credit terms of 2/15, n/60, invoice dated March 3, and FOB shipping point. March 4 Paid $65 cash for shipping charges on the March 3 purchase. March 5 Returned to GreenWorld unacceptable merchandise that had an invoice price of $120. March 18 Paid GreenWorld for the March 3 purchase, net of the discount and the returned merchandise. March 19 Purchased $320 of merchandise from People First Corporation with credit terms of 1/10, n/30, invoice dated March 19, and FOB destination. March 21 After negotiations, received from People First a $20 allowance (for scuffed merchandise) toward the $320 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. View transaction list Journal entry worksheet < 1 2 3 4 5 6 7 Purchased $1,270 of merchandise from GreenWorld Company with credit terms of 2/15, n/60, invoice dated March 3, and FOB shipping point. Note: Enter debits before credits, Date March 03 General Journal Debit Credit >
Chapter6: Merchandising Transactions
Section: Chapter Questions
Problem 1PA: Record journal entries for the following transactions of Furniture Warehouse. A. Aug. 3: Sold 15...
Related questions
Question
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 $1,270 of merchandise from GreenWorld Company with credit terms of 2/15, n/60, invoice dated March 3, and FOB
shipping point.
March 4 Paid $65 cash for shipping charges on the March 3 purchase.
March 5 Returned to GreenWorld unacceptable merchandise that had an invoice price of $120.
March 18 Paid GreenWorld for the March 3 purchase, net of the discount and the returned merchandise.
March 19 Purchased $320 of merchandise from People First Corporation with credit terms of 1/10, n/30, invoice dated March 19, and
FOB destination.
March 21 After negotiations, received from People First a $20 allowance (for scuffed merchandise) toward the $320 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.
View transaction list
Journal entry worksheet
<
1
2 3 4 5
6
7
Purchased $1,270 of merchandise from GreenWorld Company with credit
terms of 2/15, n/60, invoice dated March 3, and FOB shipping point.
Note: Enter debits before credits,
Date
March 03
General Journal
Debit
Credit
>
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Recommended textbooks for you
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:
9781337679503
Author:
Gilbertson
Publisher:
Cengage
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:
9781337679503
Author:
Gilbertson
Publisher:
Cengage
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
Financial Accounting
Accounting
ISBN:
9781337272124
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning