Purchase-related transactions using perpetual inventory system The following selected transactions were completed by Niles Co. during March of the current year: Mar. 1. Purchased merchandise from Haas Co., $43,250, terms Freight terms in which the buyer pays the transportation costs from the shipping point to the final destination.FOB shipping point, 2/10, n/eom. Prepaid freight of $650 was added to the The bill that the seller sends to the buyer.invoice. 5. Purchased merchandise from Whitman Co., $19,175, terms Freight terms in which the seller pays the transportation costs from the shipping point to the final destination.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 A form used by a buyer to inform the seller of the amount the buyer proposes to debit to the account payable due the seller.debit memo to Jost Co. for merchandise with an invoice amount of $3,750 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. If an amount box does not require an entry, leave it blank. Mar. 1 Accounts Payable-Haas Co. Cash Cost of Goods Sold Inventory Sales Discounts Accounts Payable-Haas Co. Cash Cost of Goods Sold Inventory Sales Discounts Mar. 5 Accounts Payable-Whitman Co. Cash Cost of Goods Sold Inventory Sales Discounts Accounts Payable-Whitman Co. Cash Cost of Goods Sold Inventory Sales Discounts Mar. 10 Accounts Payable-Haas Co. Cash Cost of Goods Sold Inventory Sales Discounts Accounts Payable-Haas Co. Cash Cost of Goods Sold Sales Sales Discounts Mar. 13 Accounts Payable-Jost Co. Cash Cost of Goods Sold Inventory Sales Returns and Allowances Accounts Payable-Jost Co. Cash Cost of Goods Sold Inventory Sales Discounts Mar. 14 Accounts Payable-Jost Co. Cash Cost of Goods Sold Sales Discounts Sales Returns and Allowances Accounts Payable-Jost Co. Cost of Goods Sold Inventory Sales Discounts Sales Returns and Allowances Mar. 18 Accounts Payable-Fairhurst Company Cost of Goods Sold Inventory Sales Discounts Sales Returns and Allowances Accounts Payable-Fairhurst Company Cash Cost of Goods Sold Inventory Sales Discounts Mar. 18 Accounts Payable-Jost Co. Cash Cost of Goods Sold Inventory Sales Returns and Allowances Accounts Payable-Jost Co. Cash Inventory Sales Discounts Sales Returns and Allowances Mar. 19 Accounts Payable-Bickle Co. Cash Cost of Goods Sold Inventory Sales Discounts Accounts Payable-Bickle Co. Cash Cost of Goods Sold Inventory Sales Discounts Mar. 23 Accounts Payable-Jost Co. Cash Cost of Goods Sold Inventory Sales Discounts Accounts Payable Cash Cost of Goods Sold Delivery Expense Sales Discounts Mar. 29 Accounts Payable-Bickle Co. Cash Cost of Goods Sold Inventory Sales Discounts Accounts Payable-Bickle Co. Cash Cost of Goods Sold Sales Sales Discounts Mar. 31 Accounts Payable-Fairhurst Company Cash Cost of Goods Sold Inventory Sales Discounts Accounts Payable-Fairhurst Company Cash Cost of Goods Sold Sales Discounts Sales Returns and Allowances Mar. 31 Accounts Payable-Whitman Co. Cost of Goods Sold Inventory Sales Discounts Sales Returns and Allowances Accounts Payable-Fairhurst Company Cash Inventory Sales Sales Discounts Feedback Loading item There was an error loading this item. If this continues to occur, please contact Technical Support. Check My Work1 more Check My Work uses remaining. Previous Next 100% Correct Partially Correct Incorrect Needs Instructor Grading Basic Calculatorclose 0 UseEntBSBSpCEHomCEnd 789+ 456- 123* 0.=/

Purchase-related transactions using perpetual inventory system The following selected transactions were completed by Niles Co. during March of the current year: Mar. 1. Purchased merchandise from Haas Co., $43,250, terms Freight terms in which the buyer pays the transportation costs from the shipping point to the final destination.FOB shipping point, 2/10, n/eom. Prepaid freight of $650 was added to the The bill that the seller sends to the buyer.invoice. 5. Purchased merchandise from Whitman Co., $19,175, terms Freight terms in which the seller pays the transportation costs from the shipping point to the final destination.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 A form used by a buyer to inform the seller of the amount the buyer proposes to debit to the account payable due the seller.debit memo to Jost Co. for merchandise with an invoice amount of $3,750 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. If an amount box does not require an entry, leave it blank. Mar. 1 Accounts Payable-Haas Co. Cash Cost of Goods Sold Inventory Sales Discounts Accounts Payable-Haas Co. Cash Cost of Goods Sold Inventory Sales Discounts Mar. 5 Accounts Payable-Whitman Co. Cash Cost of Goods Sold Inventory Sales Discounts Accounts Payable-Whitman Co. Cash Cost of Goods Sold Inventory Sales Discounts Mar. 10 Accounts Payable-Haas Co. Cash Cost of Goods Sold Inventory Sales Discounts Accounts Payable-Haas Co. Cash Cost of Goods Sold Sales Sales Discounts Mar. 13 Accounts Payable-Jost Co. Cash Cost of Goods Sold Inventory Sales Returns and Allowances Accounts Payable-Jost Co. Cash Cost of Goods Sold Inventory Sales Discounts Mar. 14 Accounts Payable-Jost Co. Cash Cost of Goods Sold Sales Discounts Sales Returns and Allowances Accounts Payable-Jost Co. Cost of Goods Sold Inventory Sales Discounts Sales Returns and Allowances Mar. 18 Accounts Payable-Fairhurst Company Cost of Goods Sold Inventory Sales Discounts Sales Returns and Allowances Accounts Payable-Fairhurst Company Cash Cost of Goods Sold Inventory Sales Discounts Mar. 18 Accounts Payable-Jost Co. Cash Cost of Goods Sold Inventory Sales Returns and Allowances Accounts Payable-Jost Co. Cash Inventory Sales Discounts Sales Returns and Allowances Mar. 19 Accounts Payable-Bickle Co. Cash Cost of Goods Sold Inventory Sales Discounts Accounts Payable-Bickle Co. Cash Cost of Goods Sold Inventory Sales Discounts Mar. 23 Accounts Payable-Jost Co. Cash Cost of Goods Sold Inventory Sales Discounts Accounts Payable Cash Cost of Goods Sold Delivery Expense Sales Discounts Mar. 29 Accounts Payable-Bickle Co. Cash Cost of Goods Sold Inventory Sales Discounts Accounts Payable-Bickle Co. Cash Cost of Goods Sold Sales Sales Discounts Mar. 31 Accounts Payable-Fairhurst Company Cash Cost of Goods Sold Inventory Sales Discounts Accounts Payable-Fairhurst Company Cash Cost of Goods Sold Sales Discounts Sales Returns and Allowances Mar. 31 Accounts Payable-Whitman Co. Cost of Goods Sold Inventory Sales Discounts Sales Returns and Allowances Accounts Payable-Fairhurst Company Cash Inventory Sales Sales Discounts Feedback Loading item There was an error loading this item. If this continues to occur, please contact Technical Support. Check My Work1 more Check My Work uses remaining. Previous Next 100% Correct Partially Correct Incorrect Needs Instructor Grading Basic Calculatorclose 0 UseEntBSBSpCEHomCEnd 789+ 456- 123* 0.=/

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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Purchase-related transactions using perpetual inventory system

The following selected transactions were completed by Niles Co. during March of the current year:

Mar. 1.	Purchased merchandise from Haas Co., $43,250, terms Freight terms in which the buyer pays the transportation costs from the shipping point to the final destination.FOB shipping point, 2/10, n/eom. Prepaid freight of $650 was added to the The bill that the seller sends to the buyer.invoice.
5.	Purchased merchandise from Whitman Co., $19,175, terms Freight terms in which the seller pays the transportation costs from the shipping point to the final destination.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 A form used by a buyer to inform the seller of the amount the buyer proposes to debit to the account payable due the seller.debit memo to Jost Co. for merchandise with an invoice amount of $3,750 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.

If an amount box does not require an entry, leave it blank.

Mar. 1	Accounts Payable-Haas Co. Cash Cost of Goods Sold Inventory Sales Discounts
	Accounts Payable-Haas Co. Cash Cost of Goods Sold Inventory Sales Discounts
Mar. 5	Accounts Payable-Whitman Co. Cash Cost of Goods Sold Inventory Sales Discounts
	Accounts Payable-Whitman Co. Cash Cost of Goods Sold Inventory Sales Discounts
Mar. 10	Accounts Payable-Haas Co. Cash Cost of Goods Sold Inventory Sales Discounts
	Accounts Payable-Haas Co. Cash Cost of Goods Sold Sales Sales Discounts
Mar. 13	Accounts Payable-Jost Co. Cash Cost of Goods Sold Inventory Sales Returns and Allowances
	Accounts Payable-Jost Co. Cash Cost of Goods Sold Inventory Sales Discounts
Mar. 14	Accounts Payable-Jost Co. Cash Cost of Goods Sold Sales Discounts Sales Returns and Allowances
	Accounts Payable-Jost Co. Cost of Goods Sold Inventory Sales Discounts Sales Returns and Allowances
Mar. 18	Accounts Payable-Fairhurst Company Cost of Goods Sold Inventory Sales Discounts Sales Returns and Allowances
	Accounts Payable-Fairhurst Company Cash Cost of Goods Sold Inventory Sales Discounts
Mar. 18	Accounts Payable-Jost Co. Cash Cost of Goods Sold Inventory Sales Returns and Allowances
	Accounts Payable-Jost Co. Cash Inventory Sales Discounts Sales Returns and Allowances
Mar. 19	Accounts Payable-Bickle Co. Cash Cost of Goods Sold Inventory Sales Discounts
	Accounts Payable-Bickle Co. Cash Cost of Goods Sold Inventory Sales Discounts
Mar. 23	Accounts Payable-Jost Co. Cash Cost of Goods Sold Inventory Sales Discounts
	Accounts Payable Cash Cost of Goods Sold Delivery Expense Sales Discounts
Mar. 29	Accounts Payable-Bickle Co. Cash Cost of Goods Sold Inventory Sales Discounts
	Accounts Payable-Bickle Co. Cash Cost of Goods Sold Sales Sales Discounts
Mar. 31	Accounts Payable-Fairhurst Company Cash Cost of Goods Sold Inventory Sales Discounts
	Accounts Payable-Fairhurst Company Cash Cost of Goods Sold Sales Discounts Sales Returns and Allowances
Mar. 31	Accounts Payable-Whitman Co. Cost of Goods Sold Inventory Sales Discounts Sales Returns and Allowances
	Accounts Payable-Fairhurst Company Cash Inventory Sales Sales Discounts

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