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Prepare journal entries to record the transactions

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Reference no: EM133108317

Question - Purchasing transactions - Prepare journal entries to record the following transactions of Recycled Fashion retail store. Recycled Fashion uses a perpetual inventory system and the gross method.

March 3 Purchased $1,030 of merchandise from GreenWorld Company with credit terms of 2/15, n/60, invoice dated March 3, and FOB shipping point.

March 4 Paid $75 cash for shipping charges on the March 3 purchase.

March 5 Returned to GreenWorld unacceptable merchandise that had an invoice price of $130.

March 18 Paid GreenWorld for the March 3 purchase, net of the discount and the returned merchandise.

March 19 Purchased $615 of merchandise from PeopleFirst Corporation with credit terms of 1/10, n/30, invoice dated March 19, and FOB destination.

March 21 After negotiations, received from PeopleFirst a $15 allowance (for scuffed merchandise) toward the $615 owed on the March 19 purchase.

March 29 Sent check to PeopleFirst paying for the March 19 purchase, net of the allowance and the discount.

Reference no: EM133108317

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