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Purchase-related transactions using perpetual inventory system
The following selected transactions were completed by Niles Co. during March of the current year:
| Date | Transaction |
| Mar. 1. | Purchased merchandise from Haas Co., $9,550, terms FOB shipping point, 2/10, n/30. Prepaid freight of $235 was added to the invoice. |
| 5. | Purchased merchandise from Whitman Co., $15,849, terms FOB destination, n/eom. |
| 10. | Paid Haas Co. for invoice of March 1. |
| 13. | Purchased merchandise from Jost Co., $12,350, terms FOB destination, 2/10, n/30. |
| 14. | Issued debit memo to Jost Co. for merchandise with an invoice amount of $4,200 returned from purchase on March 13. |
| 18. | Purchased merchandise from Fairhurst Company, $29,730, terms FOB shipping point, n/eom. |
| 18. | Paid freight of $440 on March 18 purchase from Fairhurst Company. |
| 19. | Purchased merchandise from Bickle Co., $22,800, 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. |
Required:
Journalize the entries to record the transactions of Niles Co. for March. If an amount box does not require an entry, leave it blank.
| Date | Account | Debit | Credit |
| Mar. 1 | Accounts Payable-Haas Co.CashCost of Goods SoldInventorySales Discounts | | |
| | Accounts Payable-Haas Co.CashCost of Goods SoldInventorySales Discounts | | |
| Mar. 5 | Accounts Payable-Whitman Co.CashCost of Goods SoldInventorySales Discounts | | |
| | Accounts Payable-Whitman Co.CashCost of Goods SoldInventorySales Discounts | | |
| Mar. 10 | Accounts Payable-Haas Co.CashCost of Goods SoldInventorySales Discounts | | |
| | Accounts Payable-Haas Co.CashCost of Goods SoldSalesSales Discounts | - Select - | - Select - |
| | Accounts Payable-Haas Co.Accounts Receivable-Haas Co.InventoryPurchaseSales | - Select - | - Select - |
| Mar. 13 | Accounts Payable-Jost Co.CashCost of Goods SoldInventorySales Returns and Allowances | - Select - | - Select - |
| | Accounts Payable-Jost Co.CashCost of Goods SoldInventorySales Discounts | - Select - | - Select - |
| Mar. 14 | Accounts Payable-Jost Co.CashCost of Goods SoldSales DiscountsSales Returns and Allowances | - Select - | - Select - |
| | Accounts Payable-Jost Co.Cost of Goods SoldInventorySales DiscountsSales Returns and Allowances | - Select - | - Select - |
| Mar. 18 | Accounts Payable-Fairhurst CompanyCost of Goods SoldInventorySales DiscountsSales Returns and Allowances | - Select - | - Select - |
| | Accounts Payable-Fairhurst CompanyCashCost of Goods SoldInventorySales Discounts | - Select - | - Select - |
| Mar. 18 | Accounts Payable-Jost Co.CashCost of Goods SoldInventorySales Returns and Allowances | - Select - | - Select - |
| | Accounts Payable-Jost Co.CashInventorySales DiscountsSales Returns and Allowances | - Select - | - Select - |
| Mar. 19 | Accounts Payable-Bickle Co.CashCost of Goods SoldInventorySales Discounts | - Select - | - Select - |
| | Accounts Payable-Bickle Co.CashCost of Goods SoldInventorySales Discounts | - Select - | - Select - |
| Mar. 23 | Accounts Payable-Jost Co.CashCost of Goods SoldInventorySales Discounts | - Select - | - Select - |
| | Accounts PayableCashCost of Goods SoldDelivery ExpenseSales Discounts | - Select - | - Select - |
| | Accounts Payable-Jost Co.Accounts Receivable-Jost Co.InventoryPurchaseSales | - Select - | - Select - |
| Mar. 29 | Accounts Payable-Bickle Co.CashCost of Goods SoldInventorySales Discounts | - Select - | - Select - |
| | Accounts Payable-Bickle Co.CashCost of Goods SoldSalesSales Discounts | - Select - | - Select - |
| | Accounts Payable-Bickle Co.Accounts Receivable-Bickle Co.InventoryPurchaseSales | - Select - | - Select - |
| Mar. 31 | Accounts Payable-Fairhurst CompanyCashCost of Goods SoldInventorySales Discounts | - Select - | - Select - |
| | Accounts Payable-Fairhurst CompanyCashCost of Goods SoldSales DiscountsSales Returns and Allowances | - Select - | - Select - |
| Mar. 31 | Accounts Payable-Whitman Co.Cost of Goods SoldInventorySales DiscountsSales Returns and Allowances | - Select - | - Select - |
| | Accounts Payable-Fairhurst CompanyCashInventorySalesSales Discounts | - Select - | - Select - |
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