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chapter 6 question 4 The following were selected from among the transactions completed by Harrison Company during November of the current year: Nov. 3 Purchased

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image text in transcribedchapter 6 question 4

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 $89,000, trade discount 30%, terms FOB destination, 2/10, n/30. 4 Sold merchandise for cash, $38,210. The cost of the merchandise sold was $20,810. 5 Purchased merchandise on account from Papoose Creek Co., $51,550, terms FOB shipping point, 2/10, n/30, with prepaid freight of $730 added to the invoice. 6 Returned $14,000 ($20,000 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 $10,190. 13 Paid Moonlight Co. on account for purchase of November 3, less return of November 6. 14 Sold merchandise on VISA, $231,570. The cost of the merchandise sold was $142,060. 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., $54,800, terms 1/10, n/30. The cost of the merchandise sold was $33,850. 28 Paid VISA service fee of $3,580. 30 Paid Quinn Co. a cash refund of $1,730 for damaged merchandise from sale of November 8. Quinn Co. kept the merchandise. Required: Journalize the transactions. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. CHART OF ACCOUNTS Harrison Company General Ledger ASSETS REVENUE 110 Cash 410 Sales 121 Accounts Receivable-Quinn Co. 610 Interest Revenue 122 Accounts Receivable-Rabel Co. 125 Notes Receivable EXPENSES 130 Merchandise Inventory 510 Cost of Merchandise Sold 131 Estimated Returns Inventory 521 Delivery Expense 140 Office Supplies 522 Advertising Expense 141 Store Supplies 524 Depreciation Expense-Store Equipment 142 Prepaid Insurance 525 Depreciation Expense-Office Equipment 180 Land 526 Salaries Expense 192 Store Equipment 531 Rent Expense 193 Accumulated Depreciation-Store Equipment 533 Insurance Expense 194 Office Equipment 534 Store Supplies Expense 195 Accumulated Depreciation Office Equipment 535 Office Supplies Expense 536 Credit Card Expense LIABILITIES 539 Miscellaneous Expense 211 Accounts Payable-Moonlight Co. 710 Interest Expense 212 Accounts Payable-Papoose Creek Co. 216 Salaries Payable 218 Sales Tax Payable 219 Customer Refunds Payable 221 Notes Payable EQUITY 310 Owner, Capital 311 Owner, Drawing Journalize the transactions Refer to the chart of accounts for the exact wording of the account Mles. CNOW jome's como seres for journal expensions. Every ine on a journal page is used for celor crecieries. CNOW cuma's will automatically ident & credi entry when a creat amount is entered PAGE 1 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST.BE DEBT CREDIT ASSETS LIBUTES EQUITY 4 5 11 11 12 15 15 15 17 19 23 21 26 27 28 29 30 32

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