**Transaction Entries for July**- **July 3** - **Accounts Payable-Hamling Co.** - **Purchases**- **July 5** - **Accounts Payable-Kester Co.** - **Purchases Returns and Allowances**- **July 6** - **Accounts Receivable-Parsley Co.** - **Sales**- **July 7** - **Accounts Payable-Kester Co.** - **Purchases Discounts**- **July 13** - **Accounts Payable-Hamling Co.** - **Cash** - **Purchases Discounts**- **July 15** - **Accounts Payable-Kester Co.** - **Cash** - **Purchases Discounts**- **July 21** - **Cash** - **Accounts Receivable-Parsley Co.**- **July 21** - **Cash** - **Sales**- **July 22** - **Accounts Receivable-Tabor Co.** - **Sales**- **July 23** - **Cash** - **Sales**- **July 28** - **Customer Refunds Payable** - **Cash**- **July 31** - **Credit Card Expense** - **Cash** # Sales-Related and Purchase-Related Transactions Using Periodic Inventory SystemThe following transactions were completed by Essex Company during July of the current year:### July Transactions:- **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.- **July 5:** Purchased merchandise on account from Kester Co., $33,450, terms FOB destination, 2/10, n/30.- **July 6:** Sold merchandise on account to Parsley Co., $36,000, terms n/15. The cost of the merchandise sold was $25,000.- **July 7:** Returned $6,850 of merchandise purchased on July 5 from Kester Co.- **July 13:** Paid Hamling Co. on account for purchase of July 3.- **July 15:** Paid Kester Co. on account for purchase of July 5, less return of July 7.- **July 21:** - Received cash on account from sale of July 6 to Parsley Co. - Sold merchandise on MasterCard, $108,000. The cost of the merchandise sold was $64,800.- **July 22:** Sold merchandise on account to Tabor Co., $16,650, terms 2/10, n/30. The cost of the merchandise sold was $10,000.- **July 23:** Sold merchandise for cash, $91,200. The cost of the merchandise sold was $55,000.- **July 28:** Paid Parsley Co. a cash refund of $2,500 for damaged merchandise from the sale of July 6. Parsley Co. kept the merchandise.- **July 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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