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. Paid Parsley Co. a cash refund of $7,150 for returned merchandise from sale of July 6. The cost of the returned 28. merchandise was $4,250. 31. Paid MasterCard service fee of $1,650. Required: Journalize the entries to record the transactions of Essex Company for July using the periodic inventory system. For a compound transaction, if an amount box does not require an entry, leave it blank. July 3 Purchases Freight In v Accounts Payable-Hamling Co. V Julv 5 Purchases v Accounts Payable-Kester Co. V July 6 Accounts Receivable-Parsley Co. V Sales v July 7 Accounts Payable-Kester Co. V Purchases Returns and Allowances July 13 Accounts Payable-Hamling Co. v Cash v Purchases Discounts July 15 Accounts Payable-Kester Co.v Cash Purchases Discounts v July 21 Cash Accounts Receivable-Parsley Co. V July 21 Cash v Sales v Accounts Receivable-Tabor Co. V July 22 Sales v
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. Paid Parsley Co. a cash refund of $7,150 for returned merchandise from sale of July 6. The cost of the returned 28. merchandise was $4,250. 31. Paid MasterCard service fee of $1,650. Required: Journalize the entries to record the transactions of Essex Company for July using the periodic inventory system. For a compound transaction, if an amount box does not require an entry, leave it blank. July 3 Purchases Freight In v Accounts Payable-Hamling Co. V Julv 5 Purchases v Accounts Payable-Kester Co. V July 6 Accounts Receivable-Parsley Co. V Sales v July 7 Accounts Payable-Kester Co. V Purchases Returns and Allowances July 13 Accounts Payable-Hamling Co. v Cash v Purchases Discounts July 15 Accounts Payable-Kester Co.v Cash Purchases Discounts v July 21 Cash Accounts Receivable-Parsley Co. V July 21 Cash v Sales v Accounts Receivable-Tabor Co. V July 22 Sales v
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text: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.
Paid Parsley Co. a cash refund of $7,150 for returned merchandise from sale of July 6. The cost of the returned
28.
merchandise was $4,250.
31. Paid MasterCard service fee of $1,650.
Required:
Journalize the entries to record the transactions of Essex Company for July using the periodic inventory system.
For a compound transaction, if an amount box does not require an entry, leave it blank.
July 3
Purchases
Freight In v
Accounts Payable-Hamling Co. V
Julv 5 Purchases v
Transcribed Image Text:Accounts Payable-Kester Co. V
July 6 Accounts Receivable-Parsley Co. V
Sales v
July 7 Accounts Payable-Kester Co. V
Purchases Returns and Allowances
July 13 Accounts Payable-Hamling Co. v
Cash v
Purchases Discounts
July 15 Accounts Payable-Kester Co.v
Cash
Purchases Discounts v
July 21 Cash
Accounts Receivable-Parsley Co. V
July 21 Cash v
Sales v
Accounts Receivable-Tabor Co. V
July 22
Sales v
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