Question

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., $9,150, terms FOB shipping point, 2/10, /eom. Prepaid freight of $210 was added to the invoice. 5. Purchased merchandise from Whitman Co., $14,376, terms FOB destination, 1/30. 10. Pald Haas Co. for invoice of March 1 13. Purchased merchandise from Jost Co., $13,250, terms FOB destination, 2/10, 1/30. 14. issued debit memo to Jost Co. for merchandise with an invoice amount of $4,400 returned from purchase on March 13. 18. Purchased merchandise from Fairhurst Company, $27,500, terms FOB shipping point, n/com. 18. Paid freight of $390 on March 18 purchase from Fairhurst Company 19. Purchased merchandise from Bickle Co., $23,100, terms FOB destination, 1/10, 1/30. 23. Pald Jost Co. for invoice of March 13, less debit memo of March 14 29. Paid Bickle Co, for invoice of March 19. 31. Pald Fairhurst Company for invoice of March 18. 31. Paid Whitman Co. for invoice of March 5. Required: Journalize the entries Lo record the transactions of Niles Co. for March If an amount box does not require an entry, leave it blank Mar. 1 Inventory 8.922.12 X Accounts Payable-Haas Co. ✓ 8,967 X

Answer 1

Date	GENERAL JOURNAL	DEBIT	CREDIT
Mar 1	Inventory	9177
	Accounts Payable - Haas co		9177

(9,150 - 2%) + Freight 210