Jaleh Mehr is the owner of the retail store 151 Jeans. She purchases jeans from a number

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Jaleh Mehr is the owner of the retail store 151 Jeans. She purchases jeans from a number of manufacturers to bring great style and fit to her customers. Prepare journal entries for March 2023 to record the following transactions. Assume a perpetual inventory system.

Mar. 2 Purchased jeans from Paige Denim under the following terms: $4,200 invoice price, 2/15, n/60, FOB shipping point.
3 Paid $350 for shipping charges on the purchase of March 2.
4 Returned to Paige Denim unacceptable merchandise that had an invoice price of $400.
17 Sent a cheque to Paige Denim for the March 2 purchase, net of the returned merchandise and applicable discount.
18 Purchased jeans from J Brand under the following terms: $9,600 invoice price, 2/10, n/30, FOB destination.
21 After brief negotiations, received from J Brand a $2,100 allowance on the purchase of March 18.
28 Sent a cheque to J Brand paying for the March 18 purchase, net of the discount and the allowance.

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Related Book For  answer-question

Fundamental Accounting Principles Volume 1

ISBN: 9781260881325

17th Canadian Edition

Authors: Kermit D. Larson, Heidi Dieckmann, John Harris

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