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Sales-related and purchase-related transactions using perpetual inventory system The following were selected from among the transactions completed by Essex Company during July of the current year: July 3. Purchased merchandise on account from Hamling Co., list price $72,000, trade discount 15%, terms FOB shipping point, 2/10, n/30, with prepaid freight of $1,450 added to the invoice. 5. Purchased merchandise on account from Kester Co., $33,450, terms FOB destination, 2/10, n/30. 6. Sold merchandise on account to Parsley Co., $36,000, terms n/15. The cost of the merchandise sold was $25,000. 7. Returned $6,850 of merchandise purchased on July 5 from Kester Co. 13. Paid Hamling Co. on account for purchase of July 3- 15. Paid Kester Co. 011 account for purchase of July 5, less return of July 7. 21. Received cash on account from sale of July 6 to Parsley Co. 21. Sold merchandise on MasterCard, $108,000. The cost of the merchandise sold was $64,800. 22. Sold merchandise on account to Tabor Co., $16,650, terms 2/10, n/30. The cost of the merchandise sold was $10,000. 23. Sold merchandise for cash, $91,200. The cost of the merchandise sold was $55,000. 28. Paid Parsley Co. a cash refund of $7,150 for returned merchandise from sale of July 6. The cost of the returned merchandise was $4,250. 31. Paid MasterCard service fee of $1,650. Instructions Journalize the transactions.

BuyFind

Accounting (Text Only)

26th Edition
Carl Warren + 2 others
Publisher: Cengage Learning
ISBN: 9781285743615
BuyFind

Accounting (Text Only)

26th Edition
Carl Warren + 2 others
Publisher: Cengage Learning
ISBN: 9781285743615

Solutions

Chapter
Section
Chapter 6, Problem 6.3BPR
Textbook Problem

Sales-related and purchase-related transactions using perpetual inventory system

The following were selected from among the transactions completed by Essex Company during July of the current year:

July 3.  Purchased merchandise on account from Hamling Co., list price $72,000, trade discount 15%, terms FOB shipping point, 2/10, n/30, with prepaid freight of $1,450 added to the invoice.
5. Purchased merchandise on account from Kester Co., $33,450, terms FOB destination, 2/10, n/30.
6. Sold merchandise on account to Parsley Co., $36,000, terms n/15. The cost of the merchandise sold was $25,000.
7. Returned $6,850 of merchandise purchased on July 5 from Kester Co.
13. Paid Hamling Co. on account for purchase of July 3-
15. Paid Kester Co. 011 account for purchase of July 5, less return of July 7.
21. Received cash on account from sale of July 6 to Parsley Co.
21. Sold merchandise on MasterCard, $108,000. The cost of the merchandise sold was $64,800.
22. Sold merchandise on account to Tabor Co., $16,650, terms 2/10, n/30. The cost of the merchandise sold was $10,000.
23. Sold merchandise for cash, $91,200. The cost of the merchandise sold was $55,000.
28. Paid Parsley Co. a cash refund of $7,150 for returned merchandise from sale of July 6. The cost of the returned merchandise was $4,250.
31. Paid MasterCard service fee of $1,650.

Instructions

Journalize the transactions.

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Chapter 6 Solutions

Accounting (Text Only)
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Ch. 6 - A Gross profit During the current year,...Ch. 6 - Gross profit During the current year, merchandise...Ch. 6 - Purchases transactions Halibut Company purchased...Ch. 6 - Purchases transactions Hoffman Company purchased...Ch. 6 - Sales transactions Journalize the following...Ch. 6 - Sales transactions Journalize the following...Ch. 6 - Sales transactions Journalize the following...Ch. 6 - Sales transactions Journalize the following...Ch. 6 - Transactions for buyer and seller Sather Co. sold...Ch. 6 - Transactions for buyer and seller Shore Co. sold...Ch. 6 - Inventory shrinkage Castle Furnishings Companys...Ch. 6 - Inventory shrinkage Hahn Flooring Companys...Ch. 6 - Ratio of sales to assets Financial statement data...Ch. 6 - Ratio of sales to assets Financial statement data...Ch. 6 - Determining gross profit During the current year,...Ch. 6 - Determining cost of merchandise sold For a recent...Ch. 6 - Chart of accounts Monet Paints Co. is a newly...Ch. 6 - Purchase-related transactions The Stationery...Ch. 6 - Purchase-related transactions A retailer is...Ch. 6 - Purchase-related transactions The debits and...Ch. 6 - Purchase-related transactions Warwicks Co.. a...Ch. 6 - Purchase-related transactions Journalize entries...Ch. 6 - Sales-related transactions, including the use of...Ch. 6 - Customer returns and allowances Zell Company had...Ch. 6 - Sales-related transactions After the amount due on...Ch. 6 - Sales-related transactions The debits and credits...Ch. 6 - Sales-related transactions Merchandise is sold on...Ch. 6 - Determining amounts to be paid on invoices...Ch. 6 - Sales-related transactions Showcase Co., a...Ch. 6 - Purchase-related transactions Based on the data...Ch. 6 - Sales tax A sale of merchandise on account for...Ch. 6 - Sales tax transactions Journalize the entries to...Ch. 6 - Normal balances of merchandise accounts What is...Ch. 6 - Income statement and accounts for merchandiser For...Ch. 6 - Income statement for merchandiser The following...Ch. 6 - Determining amounts for items omitted from income...Ch. 6 - Multiple-step income statement On October 31,...Ch. 6 - Multiple-step income statement Identify the errors...Ch. 6 - Single-step income statement Summary operating...Ch. 6 - Adjusting entry for merchandise inventory...Ch. 6 - Closing the accounts of a merchandiser From the...Ch. 6 - Closing entries; net income Based on the data...Ch. 6 - Closing entries On July 31, 2016, the balances of...Ch. 6 - Ratio of sales to assets The Home Depot reported...Ch. 6 - Ratio of sales to assets Kroger, a national...Ch. 6 - Rules of debit and credit for periodic inventory...Ch. 6 - Journal entries using the periodic inventory...Ch. 6 - Appendix Identify items missing in determining...Ch. 6 - Appendix Cost of merchandise sold and related...Ch. 6 - Appendix Cost of merchandise sold Based on the...Ch. 6 - Appendix Cost of merchandise sold Based on the...Ch. 6 - Appendix Cost of merchandise sold Identify the...Ch. 6 - Appendix Closing entries using periodic inventory...Ch. 6 - Purchase-related transactions using perpetual...Ch. 6 - Sales-related transactions using perpetual...Ch. 6 - Sales-related and purchase-related transactions...Ch. 6 - Sales-related and purchase-related transactions...Ch. 6 - Multiple-step income statement and report form of...Ch. 6 - Single-step income statement and account form of...Ch. 6 - Purchase-related transactions using periodic...Ch. 6 - Sales-related and purchase-related transactions...Ch. 6 - Appendix Sales-related and purchase-related...Ch. 6 - Appendix Periodic inventory accounts,...Ch. 6 - Purchase-related transactions using perpetual...Ch. 6 - Sales-related transactions using perpetual...Ch. 6 - Sales-related and purchase-related transactions...Ch. 6 - Sales-related and purchase-related transactions...Ch. 6 - Multiple-step income statement and report form of...Ch. 6 - Single-step income statement and account form of...Ch. 6 - Purchase-related transactions using periodic...Ch. 6 - Sales-related and purchase-related transactions...Ch. 6 - Appendix Sales -related and purchase-related...Ch. 6 - Appendix Periodic inventory accounts,...Ch. 6 - Palisade Creek Co. is a merchandising business...Ch. 6 - Ethics and professional conduct in business On...Ch. 6 - Purchases discounts and accounts payable Rustic...Ch. 6 - Determining cost of purchase The following is an...

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