Selected transactions for Niles Co. during March of the current year are listed in Problem 6-1B.

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