The following were selected from among the transactions completed by Essex Company during July of the current
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Question:
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 $77,000, trade discount 30%, terms FOB shipping point, 2/10, n/30, with prepaid freight of $910 added to the invoice. |
5. | Purchased merchandise on account from Kester Co., $46,850, terms FOB destination, 2/10, n/30. |
6. | Sold merchandise on account to Parsley Co., $14,920, terms n/15. The cost of the goods sold was $9,790. |
7. | Returned $14,000 of merchandise purchased on July 5 from Kester Co. |
13. | Paid Hamling Co. on account for purchase of July 3. |
15. | Paid Kester Co. on 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, $239,690. The cost of the goods sold was $151,260. |
22. | Sold merchandise on account to Tabor Co., $60,000, terms 2/10, n/30. The cost of the goods sold was $34,040. |
23. | Sold merchandise for cash, $38,660. The cost of the goods sold was $24,530. |
28. | Paid Parsley Co. a cash refund of $6,020 for returned merchandise from sale of July 6. The cost of the returned merchandise was $3,020. |
31. | Paid MasterCard service fee of $3,620. |
Required:
Journalize the transactions. If an amount box does not require an entry, leave it blank.
July 3 | |||
July 5 | |||
July 6-sale | |||
July 6-cost | |||
July 7 | |||
July 13 | |||
July 15 | |||
July 21 | |||
July 21-sale | |||
July 21-cost | |||
July 22-sale | |||
July 22-cost | |||
July 23-sale | |||
July 23-cost | |||
July 28-return | |||
July 28-cost | |||
July 31 |
Related Book For
Accounting
ISBN: 978-0324188004
21st Edition
Authors: Carl s. warren, James m. reeve, Philip e. fess
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