Jaleh Mehr is the owner of the retail store 151 Jeans. She purchases jeans from a number
Question:
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 2020 to record the following transactions. Assume a perpetual inventory system.
Purchased jeans from Paige Denim under the following terms: $4,200 invoice price, 2/15, n/60, FOB shipping point. Paid $350 for shipping charges on the purchase of March 2. Mar. 3 Returned to Paige Denim unacceptable merchandise that had an invoice price of $400. Sent a cheque to Paige Denim for the March 2 purchase, net of the returned merchandise and applicable discount. 17 Purchased jeans from J Brand under the following terms: $9,600 invoice price, 2/10, n/30, FOB destination. 18 After brief negotiations, received from J Brand a $2,100 allowance on the purchase of March 18. 21 Sent a cheque to J Brand paying for the March 18 purchase, net of the discount and the allowance. 28
Step by Step Answer:
2020 Mar 2 Merchandise Inventory 4200 Accounts Payable X Paige Denim 4200 Purchased merchandiseon cr...View the full answer
Fundamental Accounting Principles Volume I
ISBN: 978-1260305821
16th Canadian edition
Authors: Kermit Larson, Tilly Jensen, Heidi Dieckmann
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A journal entry is an act of keeping or making records of any transactions either economic or non-economic. Transactions are listed in an accounting journal that shows a company\'s debit and credit balances. The journal entry can consist of several recordings, each of which is either a debit or a credit
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