Sales-Related and Purchase-Related Transactions Using Perpetual Inventory System 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 $84,000, trade discount 20%, terms FOB destination, 2/10, n/30. 4. Sold merchandise for cash, $34,240. The cost of the merchandise sold was $23,580. 5. Purchased merchandise on account from Papoose Creek Co., $49,850, terms FOB shipping point, 2/10, n/30, with prepaid freight of $790 added to the invoice. 6. Returned $14,400 ($18,000 list price less trade discount of 20%) of merchandise purchased on November 3 from Moonlight Co. 8. Sold merchandise on account to Quinn Co., $15,710 with terms n/15. The cost of the merchandise sold was $8,980. 13. Paid Moonlight Co. on account for purchase of November 3, less return of November 6. 14. Sold merchandise on VISA, $240,730. The cost of the merchandise sold was $152,900. 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., $51,200, terms 1/10, n/30. The cost of the merchandise sold was $37,070. 28. Paid VISA service fee of $3,740. 30. Paid Quinn Co. a cash refund of $1,500 for damaged merchandise from sale of November 8. Quinn Co. kept the merchandise. Required: Journalize the transactions. If an amount box does not require an entry, leave it blank. Nov. 3 Nov. 4-sale Nov. 4-cost Previous Next
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Sales-Relbted and Purthase-Related Transactions Using Perpetual Inventory System The following were selected feom among the transactions completed by Harrison Company during November of the current year: Nov. 3. Purchased merchandise on account from Moonlight Co., lat price \$84,000, trade discount 20w, terms FOE destination, 2/10, n/30: 4. Sold merchandise for cash, $34,240, The cost of the merchandise sold was 523,580 . 5. Purchased merchandise on account from Papoose Creek Co, 549,850 , terms Foe shipping point, 2/10, r/30, with prepaid freight of $790 added to the invoice. 6. Aeturned $14,400 (\$1s,000 list price less trade disceunt of 20\%) of merchandise purchased on November 3 from Moonitight Co. 8. Sold merchandise on account to Quinn Co, $15,710 wah terms NV15. The cost of the menchandise sold was $8,980 13. Paid Meonlight Co. on account for purthase of November 3 , less return of November 6 . 14. Sold merchandise on V1SA, $240,730. The cost of the merchandide sold was $152,900. 15. Paid Papoose Crekk Co, on account for purchase of November 5. 23. Received cash on acrount trom sale of November 8 to Quinn Co 24. Sold merchandise on acteunt to Rabel Co, $51,200, terms 1/10, R/30. The cost of the merchandise sold was 537,070 . 25. Paid visA service fee of 53,740 . 30. Faid Quinn Co. a cavs refund of \$1,500 for dumaged merchandive from sale of November s. Quinc Ce. hept the merchandise. Nequired: Sales-Relbted and Purthase-Related Transactions Using Perpetual Inventory System The following were selected feom among the transactions completed by Harrison Company during November of the current year: Nov. 3. Purchased merchandise on account from Moonlight Co., lat price \$84,000, trade discount 20w, terms FOE destination, 2/10, n/30: 4. Sold merchandise for cash, $34,240, The cost of the merchandise sold was 523,580 . 5. Purchased merchandise on account from Papoose Creek Co, 549,850 , terms Foe shipping point, 2/10, r/30, with prepaid freight of $790 added to the invoice. 6. Aeturned $14,400 (\$1s,000 list price less trade disceunt of 20\%) of merchandise purchased on November 3 from Moonitight Co. 8. Sold merchandise on account to Quinn Co, $15,710 wah terms NV15. The cost of the menchandise sold was $8,980 13. Paid Meonlight Co. on account for purthase of November 3 , less return of November 6 . 14. Sold merchandise on V1SA, $240,730. The cost of the merchandide sold was $152,900. 15. Paid Papoose Crekk Co, on account for purchase of November 5. 23. Received cash on acrount trom sale of November 8 to Quinn Co 24. Sold merchandise on acteunt to Rabel Co, $51,200, terms 1/10, R/30. The cost of the merchandise sold was 537,070 . 25. Paid visA service fee of 53,740 . 30. Faid Quinn Co. a cavs refund of \$1,500 for dumaged merchandive from sale of November s. Quinc Ce. hept the merchandise. Nequired
