Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. purchase-related transactions using perpetual inve

Purchase-related transactions using perpetual inventory system The following selected transactions were completed by Niles Co,...

60.1K

Verified Solution

Question

Accounting

image
Purchase-related transactions using perpetual inventory system The following selected transactions were completed by Niles Co, during March of the curtent vear, Nies co. uses the net method under a perpetual inventory system. Mar. 1. Purchased merchandise from Haas CO4,$43,250, terms FOB stipping point, 2/10, N/eom. Prepaid freght of s650 was added to the invoice. 5. Purchased merchandise frem Whatran 60,519,175, terms FOE destinatico, N/30. 10. Paid Haas Co. for invoice of March 1. 13. Purchased merchandise from Jost Co., $15,550, terms roe destination, 2/10,1N/30. 14. Issued debit memo to Jest C0, for merchandise with an invoice amount of $3,750 returned froen purchase an March: 13. 18. Purchased merchandise from Fairhurst Compary, $13,560, terms FOB shpping point, N/com. 18. Paid freight of 5140 on March 18 purchase from Fairturst Company. 19. Purchased merchandise from Bickle CO,$6,500, terms FOB destination, 2/10,/30. 23. Faid Jost Co, for invoice of March 13, less debit memo of March 14. 29. Paid Bichle Co, for invoice of March 19. 31. Pad Faithurst Cornpany for invoice of March 18. 31. Paid Whitman Ca, for invoice of March 5 . Required: Sournalize the entries to record the transactions of Niles Co. for March

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students