1. Business
  2. Accounting
  3. journalize the transactions using perpetual inventory system see images salesrelated...

Question: journalize the transactions using perpetual inventory system see images salesrelated...

Question details

Journalize the transactions using perpetual inventory system.

See images.

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. 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, $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 using perpetual inventory system.

?ui=2&ik=bab572fe5b&view=fimg&th=15b1cdf

Solution by an expert tutor
Blurred Solution
This question has been solved
Subscribe to see this solution