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Exercise 5-3 Recording journal entries for merchandise purchase transactions-perpetual L03 Jaleh Meht is the owner...

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Exercise 5-3 Recording journal entries for merchandise purchase transactions-perpetual L03 Jaleh Meht is the owner of the retail store 151 Jeans. She purchases jeans from a number of manufacturers to bring great style and fit to her customers. Prepare journal entries for March 2020 to record the following transactions. Assume a perpetual inventory system. Mar. 2. Purchased jeans from Paige Denim under the following terms: $1,200 invoice price, 2/15, /6, FOB shipping point > Paid $350 for shipping charges on the purchase of March 2. 4 Beturned to Paige Denim unacceptable merchandise that had an invoice price of $400. 13 Sent cheque to Paige Denim for the March 2 purchase, net of the returned merchandise splicable discount. Purchased jeans from Brand under the following terms: $9,600 invoice price, 2/10, se, destination 21 After briet negotiations, received from 1 Brand a $2,100 allowance on the purchase of > Schewto) Brand paying for the March 18 purchase, net of the discount and the Journal entry worksheet 2 3 4 5 6 7 of merchandise on credit, terms 2/15, n/60, FOB shipping

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