Related and Purchase-Related Transactions Using Perpetual Inventory System llowing were selected from among the transactions completed by Harrison Company during November of the current year: ov. 3. Purchased merchandise on account from Moonlight Co., list price $92,000, trade discount 25%, terms FOB destination, 2/10, n/30. 4. Sold merchandise for cash, $37,520. The cost of the merchandise sold was $22,550. 5. Purchased merchandise on account from Papoose Creek Co., $48,550, terms FOB shipping point, 2/10, n/30, with prepaid freight of $880 6. Returned $14,250 ($19,000 list price less trade discount of 25%) of merchandise purchased on November 3 from Moonlight Co. 8. Sold merchandise on account to Quinn Co., $15,700 with terms n/15. The cost of the merchandise sold was $8,640. 13. Paid Moonlight Co. on account for purchase of November 3, less return of November 6. 14. Sold merchandise on VISA, $238,030. The cost of the merchandise sold was $150,770. 15. Paid Papoose Creek Co. on account for purchase of November 5. 23. Received cash on account from sale of November 8 to Quinn Co. 24. Sold merchandise on account to Rabel Co., $59,900, terms 1/10, n/30. The cost of the merchandise sold was $31,590. 28. Paid VISA service fee of $3,640. 30. Paid Quinn Co. a cash refund of $1,470 for damaged merchandise from sale of November 8. Quinn Co. kept the merchandise. red: lize the transactions. If an amount box does not require an entry, leave it blank. Merchandise Inventory ✓ 90,160 X Accounts Payable-Moonlight Co. ✔ 3 4-sale 4-cost 5 6 Cash Sales 13 Cost of Merchandise Sold Merchandise Inventory Merchandise Inventory ✓ Accounts Payable-Papoose Creek Co. Accounts Payable-Moonlight Co. Merchandise Inventory ✓ 8-sale Accounts Receivable-Quinn Co. Sales 8-cost Cost of Merchandise Sold Merchandise Inventory Accounts Payable-Moonlight Co. Cash 37,520 22,550 49,430 X 15,700 > 8,640 69,000 X 37,520 22,550 49,430 X 15,700 03 00 8,640
Related and Purchase-Related Transactions Using Perpetual Inventory System llowing were selected from among the transactions completed by Harrison Company during November of the current year: ov. 3. Purchased merchandise on account from Moonlight Co., list price $92,000, trade discount 25%, terms FOB destination, 2/10, n/30. 4. Sold merchandise for cash, $37,520. The cost of the merchandise sold was $22,550. 5. Purchased merchandise on account from Papoose Creek Co., $48,550, terms FOB shipping point, 2/10, n/30, with prepaid freight of $880 6. Returned $14,250 ($19,000 list price less trade discount of 25%) of merchandise purchased on November 3 from Moonlight Co. 8. Sold merchandise on account to Quinn Co., $15,700 with terms n/15. The cost of the merchandise sold was $8,640. 13. Paid Moonlight Co. on account for purchase of November 3, less return of November 6. 14. Sold merchandise on VISA, $238,030. The cost of the merchandise sold was $150,770. 15. Paid Papoose Creek Co. on account for purchase of November 5. 23. Received cash on account from sale of November 8 to Quinn Co. 24. Sold merchandise on account to Rabel Co., $59,900, terms 1/10, n/30. The cost of the merchandise sold was $31,590. 28. Paid VISA service fee of $3,640. 30. Paid Quinn Co. a cash refund of $1,470 for damaged merchandise from sale of November 8. Quinn Co. kept the merchandise. red: lize the transactions. If an amount box does not require an entry, leave it blank. Merchandise Inventory ✓ 90,160 X Accounts Payable-Moonlight Co. ✔ 3 4-sale 4-cost 5 6 Cash Sales 13 Cost of Merchandise Sold Merchandise Inventory Merchandise Inventory ✓ Accounts Payable-Papoose Creek Co. Accounts Payable-Moonlight Co. Merchandise Inventory ✓ 8-sale Accounts Receivable-Quinn Co. Sales 8-cost Cost of Merchandise Sold Merchandise Inventory Accounts Payable-Moonlight Co. Cash 37,520 22,550 49,430 X 15,700 > 8,640 69,000 X 37,520 22,550 49,430 X 15,700 03 00 8,640
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:Related and Purchase-Related Transactions Using Perpetual Inventory System
llowing were selected from among the transactions completed by Harrison Company during November of the current year:
v. 3. Purchased merchandise on account from Moonlight Co., list price $92,000, trade discount 25%, terms FOB destination, 2/10, n/30.
4. Sold merchandise for cash, $37,520. The cost of the merchandise sold was $22,550.
5. Purchased merchandise on account from Papoose Creek Co., $48,550, terms FOB shipping point, 2/10, n/30, with prepaid freight of $880
6. Returned $14,250 ($19,000 list price less trade discount of 25%) of merchandise purchased on November 3 from Moonlight Co.
8. Sold merchandise on account to Quinn Co., $15,700 with terms n/15. The cost of the merchandise sold was $8,640.
13. Paid Moonlight Co. on account for purchase of November 3, less return of November 6.
14. Sold merchandise on VISA, $238,030. The cost of the merchandise sold was $150,770.
15. Paid Papoose Creek Co. on account for purchase of November 5.
23. Received cash on account from sale of November 8 to Quinn Co.
24. Sold merchandise on account to Rabel Co., $59,900, terms 1/10, n/30. The cost of the merchandise sold was $31,590.
28. Paid VISA service fee of $3,640.
30. Paid Quinn Co. a cash refund of $1,470 for damaged merchandise from sale of November 8. Quinn Co. kept the merchandise.
red:
lize the transactions. If an amount box does not require an entry, leave it blank.
Merchandise Inventory
90,160 X
Accounts Payable-Moonlight Co. ✔
3
4-sale
4-cost
5
6
8-sale
8-cost
13
Cash
Sales
Cost of Merchandise Sold
Merchandise Inventory
Merchandise Inventory
Accounts Payable-Papoose Creek Co.
Accounts Payable-Moonlight Co.
Merchandise Inventory
Accounts Receivable-Quinn Co.
Sales
Cost of Merchandise Sold
Merchandise Inventory
Accounts Payable-Moonlight Co.
Cash
14-sale Cash
37,520
22,550
49,430 X
15,700
8,640
238,030
69,000 X
37,520
22,550
49,430 X
15,700
8,640
000
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