Selected transactions for Niles Co. during March of the current year are listed in Problem 6-1B.
Instructions
Journalize the entries to record the transactions of Niles Co. for March using the periodic inventory system.
Answer:
Mar. 1 Purchases43,250
Freight In650
Accounts Payable—Haas Co.43,900
5 Purchases19,175
Accounts Payable—Whitman Co.19,175
10 Accounts Payable—Haas Co. 43,900
Cash43,035
Purchases Discounts ($43,250 × 0.02)865
13 Purchases15,550
Accounts Payable—Jost Co.15,550
14 Accounts Payable—Jost Co. 3,750
Purchases Returns and Allowances3,750
18 Purchases13,560
Accounts Payable—Fairhurst Company 13,560
18 Freight In140
Cash140
19 Purchases6,500
Accounts Payable—Bickle Co.6,500
23 Accounts Payable—Jost Co. 11,800
Cash11,564
Purchases Discounts236
29 Accounts Payable—Bickle Co. 6,500
Cash6,370
Purchases Discounts130
31 Accounts Payable—Fairhurst Company 13,560
Cash13,560
31 Accounts Payable—Whitman Co. 19,175
Cash19,175