menu
bartleby
search
close search
Hit Return to see all results

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., $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.CashCost of Goods SoldInventorySales Discounts     Accounts Payable-Haas Co.CashCost of Goods SoldInventorySales Discounts  Mar. 5  Accounts Payable-Whitman Co.CashCost of Goods SoldInventorySales Discounts     Accounts Payable-Whitman Co.CashCost of Goods SoldInventorySales Discounts  Mar. 10  Accounts Payable-Haas Co.CashCost of Goods SoldInventorySales Discounts     Accounts Payable-Haas Co.CashCost of Goods SoldSalesSales Discounts  Mar. 13  Accounts Payable-Jost Co.CashCost of Goods SoldInventorySales Returns and Allowances     Accounts Payable-Jost Co.CashCost of Goods SoldInventorySales Discounts  Mar. 14  Accounts Payable-Jost Co.CashCost of Goods SoldSales DiscountsSales Returns and Allowances     Accounts Payable-Jost Co.Cost of Goods SoldInventorySales DiscountsSales Returns and Allowances  Mar. 18  Accounts Payable-Fairhurst CompanyCost of Goods SoldInventorySales DiscountsSales Returns and Allowances     Accounts Payable-Fairhurst CompanyCashCost of Goods SoldInventorySales Discounts  Mar. 18  Accounts Payable-Jost Co.CashCost of Goods SoldInventorySales Returns and Allowances     Accounts Payable-Jost Co.CashInventorySales DiscountsSales Returns and Allowances  Mar. 19  Accounts Payable-Bickle Co.CashCost of Goods SoldInventorySales Discounts     Accounts Payable-Bickle Co.CashCost of Goods SoldInventorySales Discounts  Mar. 23  Accounts Payable-Jost Co.CashCost of Goods SoldInventorySales Discounts     Accounts PayableCashCost of Goods SoldDelivery ExpenseSales Discounts  Mar. 29  Accounts Payable-Bickle Co.CashCost of Goods SoldInventorySales Discounts     Accounts Payable-Bickle Co.CashCost of Goods SoldSalesSales Discounts  Mar. 31  Accounts Payable-Fairhurst CompanyCashCost of Goods SoldInventorySales Discounts     Accounts Payable-Fairhurst CompanyCashCost of Goods SoldSales DiscountsSales Returns and Allowances  Mar. 31  Accounts Payable-Whitman Co.Cost of Goods SoldInventorySales DiscountsSales Returns and Allowances     Accounts Payable-Fairhurst CompanyCashInventorySalesSales 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.PreviousNext100% CorrectPartially CorrectIncorrectNeeds Instructor Grading Basic Calculatorclose0UseEntBSBSpCEHomCEnd789+456-123*0.=/

Question

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.=/
 
check_circleAnswer
Step 1

Prepare the journal entries fr...

Debit (S) Credit (S)
Account title and explanation
Date
Inventory
Mar ch 1S43,250-($43,250 2%)+$650]
43,035
Accounts payable-Hass Co
(To record the purchase of inventory
which includes the freight charges)
43,035
March 5 Inventory
19,175
Accounts payable-Whi tman Co
To record the purchase of inventory)
19,175
43,035
March 10 Accounts payable-Hass Co
43,035
Cash
(To record the payment made)
March 13 Inventory [$15,550-($15,550x29%)]
Accounts payable-Jost Co
(To record the purchase of inventory
account from Jost Co.)
15,239
15,239
on
March 14 Accounts payable-Jost Co.
3,675
Inventory
[$3,750-($3,750 2%)]
3,675
(To record the inventory returned to Jost
co.)
March 18 Inventory
13,560
13,560
Accounts payable- Fairhurst company
(To record the purhease of inventory on
|account from Fairhurst compan)
March 18 Imventory
140
Cash
140
(To record the payment made for freight
to Fairhurst Company)
help_outline

Image Transcriptionclose

Debit (S) Credit (S) Account title and explanation Date Inventory Mar ch 1S43,250-($43,250 2%)+$650] 43,035 Accounts payable-Hass Co (To record the purchase of inventory which includes the freight charges) 43,035 March 5 Inventory 19,175 Accounts payable-Whi tman Co To record the purchase of inventory) 19,175 43,035 March 10 Accounts payable-Hass Co 43,035 Cash (To record the payment made) March 13 Inventory [$15,550-($15,550x29%)] Accounts payable-Jost Co (To record the purchase of inventory account from Jost Co.) 15,239 15,239 on March 14 Accounts payable-Jost Co. 3,675 Inventory [$3,750-($3,750 2%)] 3,675 (To record the inventory returned to Jost co.) March 18 Inventory 13,560 13,560 Accounts payable- Fairhurst company (To record the purhease of inventory on |account from Fairhurst compan) March 18 Imventory 140 Cash 140 (To record the payment made for freight to Fairhurst Company)

fullscreen

Want to see the full answer?

See Solution

Check out a sample Q&A here.

Want to see this answer and more?

Our solutions are written by experts, many with advanced degrees, and available 24/7

See Solution
Tagged in

Business

Accounting

Related Accounting Q&A

Find answers to questions asked by student like you

Show more Q&A add
question_answer

Q: Uneven Cash Flow Stream Find the present values of the following cash flow streams. The appropriate ...

A: Prepaent values of the given cash flows streams are calculated as follows: 

question_answer

Q: what is 2 plus eight ?

A: The given sentence "2 plus eight" can be symbolically represented as 2+8. Thus, 2+8 is 10.

question_answer

Q: B. A patient is a member of a health plan with a 15 percent discount from the provider’s usual fees ...

A: HMO (Health Maintenance Organization) is a medical insurance plan instituted by medical insurance or...

question_answer

Q: The following transactions occur for Badger Biking Company during the month of June:  Provide serv...

A: Accounting Equation: This is a mathematical equation, which represents the association between asset...

question_answer

Q: The financial accounting Standards board is responsible for

A: FASB is an independent, not for profit private organisation recognised by Securities Exchange Commis...

question_answer

Q: Bond Valuation and Interest Rate Risk The Garraty Company has two bond issues outstanding. Both bond...

A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and s...

question_answer

Q: ABC Supplies declared and distributed a property dividend of land to preferred shareholders. The lan...

A: A property dividend means the distribution of shares of subsidiary orr physical assets of the compan...

question_answer

Q: Free Cash Flow Valuation Dozier Corporation is a fast-growing supplier of office products. Analysts ...

A: The discounted cash flow method is used to determine the horizontal value, value of the firm and ins...

question_answer

Q: P 17-4 Installment liquidation The partnership of Gil, Hal, Ian, and Joe is preparing to liquidate. ...

A: Liquidation is a process where the company accounts are closed by selling off the assets of company,...

Sorry about that. What wasn’t helpful?