Purchase-Related Transactions Using Perpetual Inventory SystemThe following selected transactions were completed by Niles Co. during March of the current year:Mar. 1.Purchased merchandise from Haas Co., $13,600, terms FOB shipping point, 2/10, n/eom. Prepaid freight of $425 was added to the invoice.5.Purchased merchandise from Whitman Co., $13,150, terms FOB destination, n/30.10.Paid Haas Co. for invoice of March 1.13.Purchased merchandise from Jost Co., $10,600, terms FOB destination, 1/10, n/30.14.Issued debit memo to Jost Co. for $2,000 of merchandise returned from purchase on March 13.18.Purchased merchandise from Fairhurst Company, $10,300, terms FOB shipping point, n/eom.18.Paid freight of $270 on March 18 purchase from Fairhurst Company.19.Purchased merchandise from Bickle Co., $11,700, 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 Britt Co. for March.Mar. 1 fill in the blank 2 fill in the blank 4Mar. 5 fill in the blank 6 fill in the blank 8Mar. 10 fill in the blank 10 fill in the blank 12Mar. 13 fill in the blank 14 fill in the blank 16Mar. 14 fill in the blank 18 fill in the blank 20Mar. 18-purchase fill in the blank 22 fill in the blank 24Mar. 18-freight fill in the blank 26 fill in the blank 28Mar. 19 fill in the blank 30 fill in the blank 32Mar. 23 fill in the blank 34 fill in the blank 36Mar. 29 fill in the blank 38 fill in the blank 40Mar. 31-Fairhurst fill in the blank 42 fill in the blank 44Mar. 31-Whitman fill in the blank 46 fill in the blank 48

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Description: Purchase-Related Transactions Using Perpetual Inventory SystemThe following selected transactions were completed by Niles Co. during March of the current year:Mar. 1.Purchased merchandise from Haas Co., $13,600, terms FOB shipping point, 2/10, n/eom.

Answered: Journalize the entries to record the…

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter5: Inventories And Cost Of Goods Sold

Section: Chapter Questions

Problem 5.14E

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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., $13,600, terms FOB shipping point, 2/10, n/eom. Prepaid freight of $425 was added to the invoice.
5.	Purchased merchandise from Whitman Co., $13,150, terms FOB destination, n/30.
10.	Paid Haas Co. for invoice of March 1.
13.	Purchased merchandise from Jost Co., $10,600, terms FOB destination, 1/10, n/30.
14.	Issued debit memo to Jost Co. for $2,000 of merchandise returned from purchase on March 13.
18.	Purchased merchandise from Fairhurst Company, $10,300, terms FOB shipping point, n/eom.
18.	Paid freight of $270 on March 18 purchase from Fairhurst Company.
19.	Purchased merchandise from Bickle Co., $11,700, 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 Britt Co. for March.

Mar. 1	fill in the blank 2
		fill in the blank 4
Mar. 5	fill in the blank 6
		fill in the blank 8
Mar. 10	fill in the blank 10
		fill in the blank 12
Mar. 13	fill in the blank 14
		fill in the blank 16
Mar. 14	fill in the blank 18
		fill in the blank 20
Mar. 18-purchase	fill in the blank 22
		fill in the blank 24
Mar. 18-freight	fill in the blank 26
		fill in the blank 28
Mar. 19	fill in the blank 30
		fill in the blank 32
Mar. 23	fill in the blank 34
		fill in the blank 36
Mar. 29	fill in the blank 38
		fill in the blank 40
Mar. 31-Fairhurst	fill in the blank 42
		fill in the blank 44
Mar. 31-Whitman	fill in the blank 46
		fill in the blank 48

Expert Solution

Step 1

Journal entry: Journal is the book of original entry whereby all the financial transactions are recorded in chronological order. Under this method each transaction has two sides, debit side and credit side. Total amount of debit side must be equal to the total amount of credit side. In addition, it is the primary books of accounts for any entity to record the daily transactions and processed further till the presentation of the financial statements.

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