Sales-Related and Purchase-Related Transactions Using Perpetual Inventory SystemThe following were selected from among the transactions completed by Harrison Company during November of the current year:Nov. 3. Purchased merchandise on account from Moonlight Co., list price $89,000, trade discount 25%, terms FOB destination, 2/10,4. Sold merchandise for cash, $37,120. The cost of the merchandise sold was $22,710.5. Purchased merchandise on account from Papoose Creek Co., $46,000, terms FOB shipping point, 2/10, n/30, with prepaid fre6. Returned $12,750 ($17,000 list price less trade discount of 25%) of merchandise purchased on November 3 from Moonlight8. Sold merchandise on account to Quinn Co., $15,480 with terms n/15. The cost of the merchandise sold was $8,850.13. Paid Moonlight Co. on account for purchase of November 3, less return of November 6.was $150,020.14. Sold merchandise on VISA, $232,830. The cost of the merchandise15. 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., $58,800, terms 1/10, n/30. The cost of the merchandise sold was $32,540.28. Paid VISA service fee of $3,280.30. Paid Quinn Co. a cash refund of $1,550 for damaged merchandise from sale of November 8. Quinn Co. kept the merchandisRequired:Journalize the transactions. If an amount box does not require an entry, leave it blank.Nov. 3D

A journal is a detailed account that documents all of a company's financial activities. With the…

Sales-Related and Purchase-Related Transactions Using Perpetual Inventory System The following were selected from among the transactions completed by Harrison Company during November of the current year: Nov. 3. Purchased merchandise on account from Moonlight Co., list price $89,000, trade discount 25%, terms FOB destination, 2/10,

Sales-Related and Purchase-Related Transactions Using Perpetual Inventory System The following were selected from among the transactions completed by Harrison Company during November of the current year: Nov. 3. Purchased merchandise on account from Moonlight Co., list price $89,000, trade discount 25%, terms FOB destination, 2/10,

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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