Instructions
Journalize the entries to record the transactions of Niles Co. for March using the periodic inventory system.
Answer:
Mar. 1 Purchases 43,250
Freight In 650
Accounts Payable—Haas Co. 43,900
5 Purchases 19,175
Accounts Payable—Whitman Co. 19,175
10 Accounts Payable—Haas Co. 43,900
Cash 43,035
Purchases Discounts 865
13 Purchases 15,550
Accounts Payable—Jost Co. 15,550
14 Accounts Payable—Jost Co. 3,750
Purchases Returns and Allowances 3,750
18 Purchases 13,560
Accounts Payable—Fairhurst Company 13,560
18 Freight In 140
Cash 140
19 Purchases 6,500
Accounts Payable—Bickle Co. 6,500
23 Accounts Payable—Jost Co. 11,800
Cash 11,564
Purchases Discounts 236
29 Accounts Payable—Bickle Co. 6,500
Cash 6,370
Purchases Discounts 130
31 Accounts Payable—Fairhurst Company 13,560
Cash 13,560
31 Accounts Payable—Whitman Co. 19,175
Cash 19,175