90.2K

Verified Solution

Link Copied!

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 30%, terms FOB destination, 2/10, n/30. 4. Sold merchandise for cash, $34,210. The cost of the merchandise sold was $21,380. 5. Purchased merchandise on account from Papoose Creek Co., $45,000, terms FOB shipping point, 2/10, n/30, with prepaid freight of $770 added to the invoice. 6. Returned $12,600 ($18,000 list price less trade discount of 30%) of merchandise purchased on November 3 from Moonlight Co. 8. Sold merchandise on account to Quinn Co., $15,010 with terms n/15. The cost of the merchandise sold was $9,830. 13. Paid Moonlight Co. on account for purchase of November 3, less return of November 6. 14. Sold merchandise on VISA, $214,150. The cost of the merchandise sold was $134,160. 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., $56,200, terms 1/10, n/30. The cost of the merchandise sold was $36,260. 28. Paid VISA service fee of $3,310. 30. Paid Quinn Co. a cash refund of $1,420 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

Answer & Explanation Solved by verified expert

See Answer