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 $120,000, trade discount 25%, terms FOB destination, 2/10, n/30. 4 Sold merchandise for cash, $53,500. The cost of the merchandise sold was $32,100. 5 Purchased merchandise on account from Papoose Creek Co., $67,400, terms FOB shipping point, 2/10, n/30, with prepaid freight of $1,150 added to the invoice. 6 Returned $19,200 ($25,600 list price less trade discount of 25%) of merchandise purchased on November 3 from Moonlight Co. 8 Sold merchandise on account to Quinn Co., $22,100 with terms n/15. The cost of the merchandise sold was $13,000. 13 Paid Moonlight Co. on account for purchase of November 3, less return of November 6. 14 Sold merchandise on VISA, $335,000. The cost of the merchandise sold was $198,700. 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., $80,800, terms 1/10, n/30. The cost of the merchandise sold was $48,300. 28 Paid VISA service fee of $5,030. 30 Paid Quinn Co. a cash refund of $1,770 for damaged merchandise from sale of November 8. Quinn Co. kept the merchandise. Journalize the entries to record the transactions of Harrison Company for November using the periodic inventory system. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered

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 8E: Toby Company had the following sales transactions for March: Mar. 6Sold merchandise on account to...

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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 $120,000, trade discount 25%, terms FOB destination, 2/10, n/30.
	4	Sold merchandise for cash, $53,500. The cost of the merchandise sold was $32,100.
	5	Purchased merchandise on account from Papoose Creek Co., $67,400, terms FOB shipping point, 2/10, n/30, with prepaid freight of $1,150 added to the invoice.
	6	Returned $19,200 ($25,600 list price less trade discount of 25%) of merchandise purchased on November 3 from Moonlight Co.
	8	Sold merchandise on account to Quinn Co., $22,100 with terms n/15. The cost of the merchandise sold was $13,000.
	13	Paid Moonlight Co. on account for purchase of November 3, less return of November 6.
	14	Sold merchandise on VISA, $335,000. The cost of the merchandise sold was $198,700.
	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., $80,800, terms 1/10, n/30. The cost of the merchandise sold was $48,300.
	28	Paid VISA service fee of $5,030.
	30	Paid Quinn Co. a cash refund of $1,770 for damaged merchandise from sale of November 8. Quinn Co. kept the merchandise.

Journalize the entries to record the transactions of Harrison Company for November using the periodic inventory system. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.

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