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 C

Managerial Accounting: The Cornerstone of Business Decision-Making
7th Edition
ISBN:9781337115773
Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
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Chapter15: Financial Statement Analysis
Section: Chapter Questions
Problem 56P: The following selected information is taken from the financial statements of Arnn Company for its...
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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.

Instructions

  • Journalize the transactions.

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