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.InstructionsJournalize the transactions.

Journal Entries: A Journal entry is a record of the business transactions within the accounting…

Answered: The following were selected from among…

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...

See similar textbooks

Related questions

Question

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.

Instructions

Journalize the transactions.

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions