Presented here are selected transactions for Nolan Ltd, during March of the current year Nolan uses...

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Presented here are selected transactions for Nolan Ltd, during March of the current year Nolan uses a perpetual inventory system. March 1 Paid $1,800 rent for March. March 2 destination. March 3 Nolan bought office supplies for $300 on account. March 4 Purchased merchandise on account from Hillary Corp, at a cost of $70.000 terms 1/15, n/30 FOB shipping point. Purchased equipment on account for $30.000 terms n/30, FOB March 5 Purchased furniture for $9.500 paying $4,000 in cash and the balance by signing a note payable that is due in four months March 6 Returned damage goods costing $5.000 that were originally purchased from Hillary Corp on March 4. (1 mark) March 7 Sold mer terms 2/10 n/30. (2 marks) March 15 Collected the amount owing from the March 7th transaction. March 22 Paid the amount owing for the office supplies on March 3rd. March 25 Received $2.000 as a down payment for merchandise to be provided in May March 31 Pix the Marchi income tax of $4,200. indise costing $15,000 to Fisher Ltd. for $22.000 on account. REQUIRED: Prepare journal entries for the above March transactions. Omit explanations Presented here are selected transactions for Nolan Ltd, during March of the current year Nolan uses a perpetual inventory system. March 1 Paid $1,800 rent for March. March 2 destination. March 3 Nolan bought office supplies for $300 on account. March 4 Purchased merchandise on account from Hillary Corp, at a cost of $70.000 terms 1/15, n/30 FOB shipping point. Purchased equipment on account for $30.000 terms n/30, FOB March 5 Purchased furniture for $9.500 paying $4,000 in cash and the balance by signing a note payable that is due in four months March 6 Returned damage goods costing $5.000 that were originally purchased from Hillary Corp on March 4. (1 mark) March 7 Sold mer terms 2/10 n/30. (2 marks) March 15 Collected the amount owing from the March 7th transaction. March 22 Paid the amount owing for the office supplies on March 3rd. March 25 Received $2.000 as a down payment for merchandise to be provided in May March 31 Pix the Marchi income tax of $4,200. indise costing $15,000 to Fisher Ltd. for $22.000 on account. REQUIRED: Prepare journal entries for the above March transactions. Omit explanations

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Here are the journal entries for the March transactions of Nolan Ltd March 1 Rent Expense 1800 Cash ... View the full answer