les and purchase-related transactions using perpetual inventory system he following were selected from among the transactions completed by Essex Company during July of the current year: uly 3. Purchased merchandise on account from Hamling Co., list price $84,000, trade discount 25%, terms FOB shipping point, 2/10, n/30, with prepaid freight of $990 added to the invoice. 5. Purchased merchandise on account from Kester Co., $49,350, terms FOB destination, 2/10, n/30. 6. Sold merchandise on account to Parsley Co., $16,030, terms n/15. The cost of the goods sold was $9,320. 7. Returned merchandise with an invoice amount of $13,500 purchased on July 5 from Kester Co. 13. Paid Hamling Co. on account for purchase of July 3. 15. Paid Kester Co. on account for purchase of July 5, less return of July 7. 21. Received cash on account from sale of July 6 to Parsley Co. 1. Sold merchandise with a list price of $229,240 to customers who used MasterCard and who redeemed $8,700 of point-of-sale coupons. Thi cost of the goods sold was $131,900. 22. Sold merchandise on account to Tabor Co., $51,200, terms n/30. The cost of the goods sold was $35,320. 23. Sold merchandise for cash, $37,940. The cost of the goods sold was $23,970. 28. Paid Parsley Co. a cash refund of $5,740 for returned merchandise from sale of July 6. The cost of the returned merchandise was $3,560. 31. Paid MasterCard service fee of $3,280. 31. During July, printed a coupon with each customer's sales receipt for $1 off the customer's next purchase of over $10. The coupons may be redeemed during August. Of the total of 34,000 coupons printed, it is estimated that 60% will be redeemed. equired: . Journalize the transactions. If an amount box does not require an entry, leave it blank.
les and purchase-related transactions using perpetual inventory system he following were selected from among the transactions completed by Essex Company during July of the current year: uly 3. Purchased merchandise on account from Hamling Co., list price $84,000, trade discount 25%, terms FOB shipping point, 2/10, n/30, with prepaid freight of $990 added to the invoice. 5. Purchased merchandise on account from Kester Co., $49,350, terms FOB destination, 2/10, n/30. 6. Sold merchandise on account to Parsley Co., $16,030, terms n/15. The cost of the goods sold was $9,320. 7. Returned merchandise with an invoice amount of $13,500 purchased on July 5 from Kester Co. 13. Paid Hamling Co. on account for purchase of July 3. 15. Paid Kester Co. on account for purchase of July 5, less return of July 7. 21. Received cash on account from sale of July 6 to Parsley Co. 1. Sold merchandise with a list price of $229,240 to customers who used MasterCard and who redeemed $8,700 of point-of-sale coupons. Thi cost of the goods sold was $131,900. 22. Sold merchandise on account to Tabor Co., $51,200, terms n/30. The cost of the goods sold was $35,320. 23. Sold merchandise for cash, $37,940. The cost of the goods sold was $23,970. 28. Paid Parsley Co. a cash refund of $5,740 for returned merchandise from sale of July 6. The cost of the returned merchandise was $3,560. 31. Paid MasterCard service fee of $3,280. 31. During July, printed a coupon with each customer's sales receipt for $1 off the customer's next purchase of over $10. The coupons may be redeemed during August. Of the total of 34,000 coupons printed, it is estimated that 60% will be redeemed. equired: . Journalize the transactions. If an amount box does not require an entry, leave it blank.
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter9: Sales And Purchases
Section: Chapter Questions
Problem 7E: Record the following transactions for a perpetual inventory system in general journal form. a. Sold...
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Transcribed Image Text:les and purchase-related transactions using perpetual inventory system
he following were selected from among the transactions completed by Essex Company during July of the current year:
uly 3. Purchased merchandise on account from Hamling Co., list price $84,000, trade discount 25%, terms FOB shipping point, 2/10, n/30, with
prepaid freight of $990 added to the invoice.
5. Purchased merchandise on account from Kester Co., $49,350, terms FOB destination, 2/10, n/30.
6. Sold merchandise on account to Parsley Co., $16,030, terms n/15. The cost of the goods sold was $9,320.
7. Returned merchandise with an invoice amount of $13,500 purchased on July 5 from Kester Co.
13. Paid Hamling Co. on account for purchase of July 3.
15. Paid Kester Co. on account for purchase of July 5, less return of July 7.
21. Received cash on account from sale of July 6 to Parsley Co.
1. Sold merchandise with a list price of $229,240 to customers who used MasterCard and who redeemed $8,700 of point-of-sale coupons. The
cost of the goods sold was $131,900.
22. Sold merchandise on account to Tabor Co., $51,200, terms n/30. The cost of the goods sold was $35,320.
23. Sold merchandise for cash, $37,940. The cost of the goods sold was $23,970.
28. Paid Parsley Co. a cash refund of $5,740 for returned merchandise from sale of July 6. The cost of the returned merchandise was $3,560.
31. Paid MasterCard service fee of $3,280.
31. During July, printed a coupon with each customer's sales receipt for $1 off the customer's next purchase of over $10. The coupons may be
redeemed during August. Of the total of 34,000 coupons printed, it is estimated that 60% will be redeemed.
equired:
Journalize the transactions. If an amount box does not require an entry, leave it blank.
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