Question

Purchase-Related Transactions Using Perpetual Inventory System

The following selected transactions were completed by Niles Co. during March of the current year:

Mar. 1.	Purchased merchandise from Haas Co., $17,700, terms FOB shipping point, 2/10, n/eom. Prepaid freight of $150 was added to the invoice.
5.	Purchased merchandise from Whitman Co., $11,100, terms FOB destination, n/30.
10.	Paid Haas Co. for invoice of March 1.
13.	Purchased merchandise from Jost Co., $6,700, terms FOB destination, 1/10, n/30.
14.	Issued debit memo to Jost Co. for $1,300 of merchandise returned from purchase on March 13.
18.	Purchased merchandise from Fairhurst Company, $13,600, terms FOB shipping point, n/eom.
18.	Paid freight of $320 on March 18 purchase from Fairhurst Company.
19.	Purchased merchandise from Bickle Co., $7,750, terms FOB destination, 2/10, 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.

Journalize the entries to record the transactions of Britt Co. for March.

Mar. 1	Merchandise Inventory
	Accounts Payable-Haas Co.
Mar. 5
Mar. 10
Mar. 13
Mar. 14
Mar. 18-purchase
Mar. 18-freight
Mar. 19
Mar. 23
Mar. 29
Mar. 31-Fairhurst
Mar. 31-Whitman

Answer 1

Answer
Date	Explanation	Debit	Credit
01-Mar	Inventory	$17,496
	Accounts payable-Hass co		$17,496
	(17700*98%+235)
05-Mar	inventory	$11,100
	Accounts payable-Whitman co.		$11,100
10-Mar	Accounts payable-Hass co	$17,496
	Cash		$17,496
13-Mar	Inventory	$ 6,633
	Accounts payable-Jost Co.		$ 6,633
	(6700*99%)
14-Mar	Accounts payable-Jost Co.	$ 1,287
	Inventory		$ 1,287
	(1300*99%)
18-Mar	Inventory	$13,600
	Accounts payable-Fairhurst company		$13,600
18-Mar	inventory	$     320
	cash		$     320
19-Mar	Inventory	$ 7,595
	Accounts payable-Bickle Co		$ 7,595
	(7750*98%)
23-Mar	Accounts payable-Jost Co.	$ 5,346
	cash		$ 5,346
29-Mar	Accounts payable-Bickle Co	$ 7,595
	Cash		$ 7,595
31-Mar	Accounts payable-Fairhurst company	$13,600
	Cash		$13,600
31-Mar	Accounts payable-Whitman co.	$11,100
	Cash		$11,100

Please like