Purchased merchandise from Haas Co., $43,250, terms FOB Mar. shipping point, 2/10, n/eom. Prepaid freight of $650 was added 1. to the invoice. Purchased merchandise from Whitman Co., $19,175, terms FOB 5. destination, n/30. 10. Paid Haas Co. for invoice of March 1. Purchased merchandise from Jost Co., $15,550, terms FOB 13. destination, 2/10, n/30. Issued debit memo to Jost Co. for $3,750 of merchandise 14. returned from purchase on March 13. Purchased merchandise from Fairhurst Company, $13,560, 18. terms FOB shipping point, n/com. Paid freight of $140 on March 18 purchase from Fairhurst 18. Company. Purchased merchandise from Bickle Co., $6,500, terms FOB 19. destination, 2/10, n/30. Paid Jost Co. for invoice of March 13 less debit memo of March 23. 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.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Question

Purchase-related transactions using perpetual inventory system
The following selected transactions were completed by Niles Co. during
March of the current year:

 

Instructions
journalize the entries to record the transactions of Niles Co. for March

Purchased merchandise from Haas Co., $43,250, terms FOB
Mar.
shipping point, 2/10, n/eom. Prepaid freight of $650 was added
1.
to the invoice.
Purchased merchandise from Whitman Co., $19,175, terms FOB
5.
destination, n/30.
10.
Paid Haas Co. for invoice of March 1.
Purchased merchandise from Jost Co., $15,550, terms FOB
13.
destination, 2/10, n/30.
Issued debit memo to Jost Co. for $3,750 of merchandise
14.
returned from purchase on March 13.
Purchased merchandise from Fairhurst Company, $13,560,
18.
terms FOB shipping point, n/com.
Paid freight of $140 on March 18 purchase from Fairhurst
18.
Company.
Purchased merchandise from Bickle Co., $6,500, terms FOB
19.
destination, 2/10, n/30.
Paid Jost Co. for invoice of March 13 less debit memo of March
23.
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.
Transcribed Image Text:Purchased merchandise from Haas Co., $43,250, terms FOB Mar. shipping point, 2/10, n/eom. Prepaid freight of $650 was added 1. to the invoice. Purchased merchandise from Whitman Co., $19,175, terms FOB 5. destination, n/30. 10. Paid Haas Co. for invoice of March 1. Purchased merchandise from Jost Co., $15,550, terms FOB 13. destination, 2/10, n/30. Issued debit memo to Jost Co. for $3,750 of merchandise 14. returned from purchase on March 13. Purchased merchandise from Fairhurst Company, $13,560, 18. terms FOB shipping point, n/com. Paid freight of $140 on March 18 purchase from Fairhurst 18. Company. Purchased merchandise from Bickle Co., $6,500, terms FOB 19. destination, 2/10, n/30. Paid Jost Co. for invoice of March 13 less debit memo of March 23. 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.
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