Mar. 1. Purchased merchandise from Haas Co., $43,250, terms FOB shipping point, 2/10, n/eom. Prepaid freight of $650 was added to the invoice.
5. Purchased merchandise from Whitman Co., $19,175, terms FOB destination, n/30.
10. Paid Haas Co. for invoice of March 1, less discount.
13. Purchased merchandise from Jost Co., $15,550, terms FOB destination, 2/10, n/30.
14. Issued debit memo to Jost Co. for $3,750 of merchandise returned from purchase on March 13.
18. Purchased merchandise from Fairhurst Company, $13,560, terms FOB shipping point, n/eom.
18. Paid freight of $140 on March 18 purchase from Fairhurst Company.
19. Purchased merchandise from Bickle Co., $6,500, terms FOB destination, 2/10, n/30.
23. Paid Jost Co. for invoice of March 13, less debit memo of March 14 and discount.
29. Paid Bickle Co. for invoice of March 19, less discount.
31. Paid Fairhurst Company for invoice of March 18.
31. Paid Whitman Co. for invoice of March 5.
Instructions
Journalize the entries to record the transactions of Niles Co. for March.
Answer:
Mar. 1 Merchandise Inventory 43,900
Accounts Payable—Haas Co. 43,900
5 Merchandise Inventory 19,175
Accounts Payable—Whitman Co. 19,175
10 Accounts Payable—Haas Co. 43,900
Cash 43,035
Merchandise Inventory 865
13 Merchandise Inventory 15,550
Accounts Payable—Jost Co. 15,550
14 Accounts Payable—Jost Co. 3,750
Merchandise Inventory 3,750
18 Merchandise Inventory 13,560
Accounts Payable—Fairhurst Company 13,560
18 Merchandise Inventory 140
Cash 140
19 Merchandise Inventory 6,500
Accounts Payable—Bickle Co. 6,500
23 Accounts Payable—Jost Co. 11,800
Cash 11,564
Merchandise Inventory 236
29 Accounts Payable—Bickle Co. 6,500
Cash 6,370
Merchandise Inventory 130
31 Accounts Payable—Fairhurst Company 13,560
Cash 13,560
31 Accounts Payable—Whitman Co. 19,175
Cash 19,175