Accounts Payable-Hamling Co.July 5Purchases VAccounts Payable-Kester Co.July 6Accounts Receivable-Parsley Co.Sales vJuly 7Accounts Payable-Kester Co.Purchases Returns and Allowances vJuly 13 Accounts Payable-Hamling Co.Cash vPurchases Discounts VJuly 15 Accounts Payable-Kester Co. VCash vPurchases DiscountsJuly 21 Cash vAccounts Receivable-Parsley Co.July 21 Cash vSales vJuly 22 Accounts Receivable-Tabor Co. VSales vJuly 23 Cash vSales vJuly 28 Customer Refunds PayablevCash vJuly 31 Credit Card Expense vCash v[E CO OL UUL DOD DD DO DO DD LL LI Sales-Related and Purchase-Related Transactions Using Periodic Inventory SystemThe 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%, termsFOB 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.Sold merchandise on account to Parsley Co., $36,000, terms n/15. The cost of the merchandise sold6.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.Sold merchandise on account to Tabor Co., $16,650, terms 2/10, n/30. The cost of the merchandise22.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 $2,500 for damaged merchandise from sale of July 6. Parsley Co.kept the merchandise.31. Paid MasterCard service fee of $1,650.

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Answered: The following were selected from among…

Business

Accounting

The following were selected from among the transactions completed by Essex Company during July of the current year:

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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