Reference no: EM133148721
Question - Sales 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. Essex uses the net method under a perpetual inventory system.
July 3. Purchased merchandise on account from Hamling Co., list price $86,000, trade discount 20%, terms FOB shipping point, 2/10, n/30, with prepaid freight of $830 added to the invoice.
July 5. Purchased merchandise on account from Kester Co., $51,400, terms FOB destination, 2/10, n/30.
July 6. Sold merchandise on account to Parsley Co., $14,490, terms n/15. The cost of the goods sold was $8,560.
July 7. Returned merchandise with an invoice amount of $15,200 purchased on July 5 from Kester Co.
July 13. Paid Hamling Co. on account for purchase of July 3.
July 15. Paid Kester Co. on account for purchase of July 5, less return of July 7.
July 21. Received cash on account from sale of July 6 to Parsley Co.
July 21. Sold merchandise on MasterCard, $218,750. The cost of the goods sold was $129,430.
July 22. Sold merchandise on account to Tabor Co., $53,300, terms 2/10, n/30. The cost of the goods sold was $31,080.
July 23. Sold merchandise for cash, $34,600. The cost of the goods sold was $24,810.
July 28. Paid Parsley Co. a cash refund of $6,600 for returned merchandise from sale of July 6. The cost of the returned merchandise was $3,260.
July 31. Paid MasterCard service fee of $3,470.
Required - Journalize the transactions. If an amount box does not require an entry, leave it blank.
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