Answer:
Mar. 3 Purchased merchandise inventory on account from Silton Wholesalers, $3,000. Tems 3'1, niEOM, FOB shipping point.
Dr Purchases 3,000
Cr Accounts payable - Silton Wholesalers 3,000
4 Paid freight bill of S70 on March 3 purchase.
Dr Freight in expenses 70
Cr Cash 70
5 Purchase merchandise inventory for cash of $2,000.
Dr Purchases 2,000
Cr Cash 2,000
6 Returned S700 of inventory from March 3 purchase.
Dr Accounts payable - Silton Wholesalers 700
Cr Purchases returns and allowances 700
8 Sold merchandise inventory to Herrick Company, $3,400, on account. Terms 2/15, n/35
Dr Accounts receivable - Herrick Company 3,400
Cr Sales 3,400
9 Purchased merchandise inventory on account from Teaton Wholesalers, $5,500. Terms 1/10, n/30, FOB destination.
Dr Purchases 5,500
Cr Accounts payable - Teaton Wholesalers 5,500
10 Made payment to Silton Wholesalers for goods purchased on March 3, less return and discount.
Dr Accounts payable - Silton Wholesalers
Cr Cash 2,231
Cr Purchase discounts 69
12 Received payment from Herrick Company, less discount.
Dr Cash 3,332
Dr Sales discounts 68
Cr Accounts receivable - Herrick Company 3,400
13 After negotiations, received a $300 allowance from Teaton Wholesalers.
Dr Accounts payable - Teaton Wholesalers 300
Cr Purchases returns and allowances 300
15 Sold merchandise inventory to Jeter Company, $2,300, on account. Terms 2/10, nEOM.
Dr Accounts receivable - Jeter Company 2,300
Cr Sales 2,300
22 Made payment, less allowance, to Teaton Wholesalers for goods purchased on March 9
Dr Accounts payable - Teaton Wholesalers 5,200
Cr Cash 5,200
23 Jeter Company returned $600 of the merchandise sold on March 15.
Dr Sales returns and allowances 600
Cr Accounts receivable - Jeter Company 600
25 Sold merchandise inventory to Smede for $1,400 on account. Terms of 2/10, n/30 were offered, FOB shipping point.
Dr Accounts receivable - Smede 1,400
Cr sales 1,400
26 After negotiations, granted a $300 allowance to Smede for merchandise purchased on March 25.
Dr Sales returns and allowances 300
Cr Accounts receivable - Smede 300
29 Received payment from Smede, less allowance and discount.
Dr Cash 1,078
Dr Sales discounts 22
Cr Accounts receivable - Smede 1,100
30 Received payment from Jeter Company, less return.
Dr Cash 1,700
Cr Accounts receivable - Jeter Company 1,700
