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: July 3. Purchased merchandise on account from Hamling Co., list price $85,000, trade discount 25%, 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., $47,000, terms FOB destination, 2/10, n/30. 6. Sold merchandise on account to Parsley Co., $16,070, terms n/15. The cost of the goods sold was $8,720. 7. Returned merchandise with an invoice amount of $12,000 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 with a list price of $231,210 to customers who used MasterCard and who redeemed $9,200 of point-of-sale coupons. The cost of the goods sold was $138,650. 22. Sold merchandise on account to Tabor Co., $57,600, terms n/30. The cost of the goods sold was $33,400. 23. Sold merchandise for cash, $36,460. The cost of the goods sold was $20,740. 28. Paid Parsley Co. a cash refund of $5,730 for returned merchandise from sale of July 6. The cost of the returned merchandise was $3,360. 31. Paid MasterCard service fee of $3,900. 31. During July, printed a coupon with each customer's sales receipt for $1 off the customer's next purchase of over $10. The coupons may be redeemed during August. Of the total of 33,000 coupons printed, it is estimated that 60% will be redeemed.
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: July 3. Purchased merchandise on account from Hamling Co., list price $85,000, trade discount 25%, 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., $47,000, terms FOB destination, 2/10, n/30. 6. Sold merchandise on account to Parsley Co., $16,070, terms n/15. The cost of the goods sold was $8,720. 7. Returned merchandise with an invoice amount of $12,000 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 with a list price of $231,210 to customers who used MasterCard and who redeemed $9,200 of point-of-sale coupons. The cost of the goods sold was $138,650. 22. Sold merchandise on account to Tabor Co., $57,600, terms n/30. The cost of the goods sold was $33,400. 23. Sold merchandise for cash, $36,460. The cost of the goods sold was $20,740. 28. Paid Parsley Co. a cash refund of $5,730 for returned merchandise from sale of July 6. The cost of the returned merchandise was $3,360. 31. Paid MasterCard service fee of $3,900. 31. During July, printed a coupon with each customer's sales receipt for $1 off the customer's next purchase of over $10. The coupons may be redeemed during August. Of the total of 33,000 coupons printed, it is estimated that 60% will be redeemed.
Chapter1: Financial Statements And Business Decisions
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Journalise the following transactions. Please dont provide answer in image format. Thank you.
Transcribed Image Text: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:
July 3. Purchased merchandise on account from Hamling Co., list price $85,000, trade discount 25%, 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., $47,000, terms FOB destination, 2/10, n/30.
6. Sold merchandise on account to Parsley Co., $16,070, terms n/15. The cost of the goods sold was $8,720.
7. Returned merchandise with an invoice amount of $12,000 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 with a list price of $231,210 to customers who used MasterCard and who redeemed $9,200 of point-of-sale coupons. The
cost of the goods sold was $138,650.
22. Sold merchandise on account to Tabor Co., $57,600, terms n/30. The cost of the goods sold was $33,400.
23. Sold merchandise for cash, $36,460. The cost of the goods sold was $20,740.
28. Paid Parsley Co. a cash refund of $5,730 for returned merchandise from sale of July 6. The cost of the returned merchandise was $3,360.
31. Paid MasterCard service fee of $3,900.
31. During July, printed a coupon with each customer's sales receipt for $1 off the customer's next purchase of over $10. The coupons may be
redeemed during August. Of the total of 33,000 coupons printed, it is estimated that 60% will be redeemed.
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