The following were selected from among the transactions completed by Harrison Company during November of the current year:Nov.3Purchased merchandise on account from Moonlight Co., list price $120,000, trade discount 25%, terms FOB destination, 2/10, n/30. 4Sold merchandise for cash, $53,500. The cost of the merchandise sold was $32,100. 5Purchased 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. 6Returned $19,200 ($25,600 list price less trade discount of 25%) of merchandise purchased on November 3 from Moonlight Co. 8Sold merchandise on account to Quinn Co., $22,100 with terms n/15. The cost of the merchandise sold was $13,000. 13Paid Moonlight Co. on account for purchase of November 3, less return of November 6. 14Sold merchandise on VISA, $335,000. The cost of the merchandise sold was $198,700. 15Paid Papoose Creek Co. on account for purchase of November 5. 23Received cash on account from sale of November 8 to Quinn Co. 24Sold merchandise on account to Rabel Co., $80,800, terms 1/10, n/30. The cost of the merchandise sold was $48,300. 28Paid VISA service fee of $5,030. 30Paid Quinn Co. a cash refund of $1,770 for damaged merchandise from sale of November 8. Quinn Co. kept the merchandise. Required: Journalize the transactions. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.

Journal refers to an account in which all the financial transactions occurred in the business are…

Answered: Journalize the transactions. Refer to…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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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.

Required:

Journalize the transactions. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.

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