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Homework answers / question archive / Jamie Inc
Jamie Inc. is a merchandiser that mainly purchases and sells bikes. For the month of March, 2020, Jamie Inc. had the following transactions: March 1: Purchased mountain bikes on account from Superman Inc. for Tk.400,000, FOB destination, terms 2/15, n/30. 2: Freight cost paid on March 1 purchase of Tk 20,000 by concerned party. 4: Received Tk.60,000 credit for defective mountain bikes returned to Superman Inc. 9: Paid Superman Inc. in full, less discount. Requirement: [Marks: 8] Journalize the transactions for the month of March using the perpetual inventory system (ignore explanations).
Date
Particulars
Debit
Credit
Mar-01
Inventory
400,000
Accounts payable
400,000
Mar-04
Accounts payable
60,000
Inventory
60,000
Mar-09
Accounts payable
340,000
Inventory (2% * 340,000)
6800
Cash
333200
