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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 $1,270 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 >

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 $1,270 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 >
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 >
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