March 3 Purchased $1,140 of merchandise from Greenworld Company with credit terms of 2/15, n/60, invoice dated March 3, and FOB shipping point. March 4 Paid $65 cash for shipping charges on the March 3 purchase. March 5 Returned to Greenworld unacceptable merchandise that had an invoice price of $140. March 18 Paid GreenWorld for the March 3 purchase, net of the discount and the returned merchandise. March 19 Purchased $520 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 $20 allowance (for scuffed merchandise) toward the $520 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. View transaction list Journal entry worksheet < 1 2 3 5 6 Paid $65 ca e. Accounts payable-Green World Accounts payable-PeopleFirst Accounts receivable-GreenWorld Note: Enter det Accounts receivable-PeopleFirst Debit Credit Date March 04 Record entry Clear entry View general journal

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Related questions
Question
am.101.
March 3 Purchased $1,140 of merchandise from Greenworld Company with credit terms of 2/15, n/60, invoice dated March 3, and FOB
shipping point.
March 4 Paid $65 cash for shipping charges on the March 3 purchase.
March 5 Returned to Greenworld unacceptable merchandise that had an invoice price of $140.
March 18 Paid GreenWorld for the March 3 purchase, net of the discount and the returned merchandise.
March 19 Purchased $520 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 $20 allowance (for scuffed merchandise) toward the $520 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.
View transaction list
Journal entry worksheet
<
1
2
3
5
6
Paid $65 ca
e.
Accounts payable-Green World
Accounts payable-PeopleFirst
Accounts receivable-GreenWorld
Note: Enter det
Accounts receivable-PeopleFirst
Debit
Credit
Date
March 04
Record entry
Clear entry
View general journal
Transcribed Image Text:March 3 Purchased $1,140 of merchandise from Greenworld Company with credit terms of 2/15, n/60, invoice dated March 3, and FOB shipping point. March 4 Paid $65 cash for shipping charges on the March 3 purchase. March 5 Returned to Greenworld unacceptable merchandise that had an invoice price of $140. March 18 Paid GreenWorld for the March 3 purchase, net of the discount and the returned merchandise. March 19 Purchased $520 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 $20 allowance (for scuffed merchandise) toward the $520 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. View transaction list Journal entry worksheet < 1 2 3 5 6 Paid $65 ca e. Accounts payable-Green World Accounts payable-PeopleFirst Accounts receivable-GreenWorld Note: Enter det Accounts receivable-PeopleFirst Debit Credit Date March 04 Record entry Clear entry View general journal
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