eBook

Question Content Area

Purchase-Related Transactions Using Perpetual Inventory System

The following selected transactions were completed by Niles Co. during March of the current year. Niles Co. uses the net method under a perpetual inventory system.

Mar. 1.	Purchased merchandise from Haas Co., $9,700, terms FOB shipping point, 2/10, n/eom. Prepaid freight of $200 was added to the invoice.
5.	Purchased merchandise from Whitman Co., $13,475, terms FOB destination, n/30.
10.	Paid Haas Co. for invoice of March 1.
13.	Purchased merchandise from Jost Co., $13,700, terms FOB destination, 2/10, n/30.
14.	Issued debit memo to Jost Co. for merchandise with an invoice amount of $4,700 returned from purchase on March 13.
18.	Purchased merchandise from Fairhurst Company, $27,670, terms FOB shipping point, n/eom.
18.	Paid freight of $405 on March 18 purchase from Fairhurst Company.
19.	Purchased merchandise from Bickle Co., $19,800, terms FOB destination, 1/10, 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 DiscountsInventory	Inventory	Inventory
	Accounts Payable-Haas Co.CashCost of Goods SoldInventorySales DiscountsAccounts Payable-Haas Co.	Accounts Payable-Haas Co.	Accounts Payable-Haas Co.
Mar. 5	Accounts Payable-Whitman Co.CashCost of Goods SoldInventorySales DiscountsInventory	Inventory	Inventory
	Accounts Payable-Whitman Co.CashCost of Goods SoldInventorySales DiscountsAccounts Payable-Whitman Co.	Accounts Payable-Whitman Co.	Accounts Payable-Whitman Co.
Mar. 10	Accounts Payable-Haas Co.CashCost of Goods SoldInventorySales DiscountsAccounts Payable-Haas Co.	Accounts Payable-Haas Co.	Accounts Payable-Haas Co.
	Accounts Payable-Haas Co.CashCost of Goods SoldSalesSales DiscountsCash	Cash	Cash
Mar. 13	Accounts Payable-Jost Co.CashCost of Goods SoldInventorySales Returns and AllowancesInventory	Inventory	Inventory
	Accounts Payable-Jost Co.CashCost of Goods SoldInventorySales DiscountsAccounts Payable-Jost Co.	Accounts Payable-Jost Co.	Accounts Payable-Jost Co.
Mar. 14	Accounts Payable-Jost Co.CashCost of Goods SoldSales DiscountsSales Returns and AllowancesAccounts Payable-Jost Co.	Accounts Payable-Jost Co.	Accounts Payable-Jost Co.
	Accounts Payable-Jost Co.Cost of Goods SoldInventorySales DiscountsSales Returns and AllowancesInventory	Inventory	Inventory
Mar. 18	Accounts Payable-Fairhurst CompanyCost of Goods SoldInventorySales DiscountsSales Returns and AllowancesInventory	Inventory	Inventory
	Accounts Payable-Fairhurst CompanyCashCost of Goods SoldInventorySales DiscountsAccounts Payable-Fairhurst Company	Accounts Payable-Fairhurst Company	Accounts Payable-Fairhurst Company
Mar. 18	Accounts Payable-Jost Co.CashCost of Goods SoldInventorySales Returns and AllowancesInventory	Inventory	Inventory
	Accounts Payable-Jost Co.CashInventorySales DiscountsSales Returns and AllowancesCash	Cash	Cash
Mar. 19	Accounts Payable-Bickle Co.CashCost of Goods SoldInventorySales DiscountsInventory	Inventory	Inventory
	Accounts Payable-Bickle Co.CashCost of Goods SoldInventorySales DiscountsAccounts Payable-Bickle Co.	Accounts Payable-Bickle Co.	Accounts Payable-Bickle Co.
Mar. 23	Accounts Payable-Jost Co.CashCost of Goods SoldInventorySales DiscountsAccounts Payable-Jost Co.	Accounts Payable-Jost Co.	Accounts Payable-Jost Co.
	Accounts PayableCashCost of Goods SoldDelivery ExpenseSales DiscountsCash	Cash	Cash
Mar. 29	Accounts Payable-Bickle Co.CashCost of Goods SoldInventorySales DiscountsAccounts Payable-Bickle Co.	Accounts Payable-Bickle Co.	Accounts Payable-Bickle Co.
	Accounts Payable-Bickle Co.CashCost of Goods SoldSalesSales DiscountsCash	Cash	Cash
Mar. 31	Accounts Payable-Fairhurst CompanyCashCost of Goods SoldInventorySales DiscountsAccounts Payable-Fairhurst Company	Accounts Payable-Fairhurst Company	Accounts Payable-Fairhurst Company
	Accounts Payable-Fairhurst CompanyCashCost of Goods SoldSales DiscountsSales Returns and AllowancesCash	Cash	Cash
Mar. 31	Accounts Payable-Whitman Co.Cost of Goods SoldInventorySales DiscountsSales Returns and AllowancesAccounts Payable-Whitman Co.	Accounts Payable-Whitman Co.	Accounts Payable-Whitman Co.
	Accounts Payable-Fairhurst CompanyCashInventorySalesSales DiscountsCash	Cash	Cash