every entry should have narration please, please submit the answer in text(without image it is easy to copy
Sales and purchase-related transactions using perpetual inventory system The following were selected from among the transactions completed by Essex Company during July of the current years July 3. Purchased merchandise on account from Hamling Co., list price $85,000, trade discount 30%, terms FOB shipping point, 2/10, 1/30, with prepaid freight of $840 added to the invoke. 5. Purchased merchandise on account from Kester Co., $51,300, terms FOB destination, 2/10, n/30. 6. Sold merchandise on account to Parsley Co., $14,880, terms n/15. The cost of the goods sold was $9,180 7. Retumed merchandise with an invoice amount of $11,900 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 with a list price of $237,360 to customers who used MasterCard and who redeemed $9,200 of point-of-sale coupons. The cost of the goods sold was $139,630. 22. Sold merchandise on account to Tabor Co., $53,700, terms /30. The cost of the goods sold was $33,970. 23. Sold merchandise for cash, $34,510. The cost of the goods sold was $24,630. 28. Paid Parsley Co. a cash refund of $6,450 for returned merchandise from sale of July 5. The cost of the returned merchandise was $3,200. 31. Paid MasterCard service fee of $3,670. 31. During July, printed a coupon with each customer's sales receipt for $1 off the customer's next purchase of over $10. The coupons may be redeemed during August. Of the total of 33,000 coupons printed, it is estimated that 60% will be redeemed. Required: 1. Journalize the transactions. If an amount box does not require an enty, leave it blank 1 2. Assume that as of August 31, 16,300 of the S1-off coupons issued during July had been redeemed by customers. Journalize the entry for the remaining unredeemed coupons. If an amount box does not require an entry, leave it blank. Aug. 31 Sales and purchase-related transactions using perpetual inventory system The following were selected from among the transactions completed by Essex Company during July of the current years July 3. Purchased merchandise on account from Hamling Co., list price $85,000, trade discount 30%, terms FOB shipping point, 2/10, 1/30, with prepaid freight of $840 added to the invoke. 5. Purchased merchandise on account from Kester Co., $51,300, terms FOB destination, 2/10, n/30. 6. Sold merchandise on account to Parsley Co., $14,880, terms n/15. The cost of the goods sold was $9,180 7. Retumed merchandise with an invoice amount of $11,900 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 with a list price of $237,360 to customers who used MasterCard and who redeemed $9,200 of point-of-sale coupons. The cost of the goods sold was $139,630. 22. Sold merchandise on account to Tabor Co., $53,700, terms /30. The cost of the goods sold was $33,970. 23. Sold merchandise for cash, $34,510. The cost of the goods sold was $24,630. 28. Paid Parsley Co. a cash refund of $6,450 for returned merchandise from sale of July 5. The cost of the returned merchandise was $3,200. 31. Paid MasterCard service fee of $3,670. 31. During July, printed a coupon with each customer's sales receipt for $1 off the customer's next purchase of over $10. The coupons may be redeemed during August. Of the total of 33,000 coupons printed, it is estimated that 60% will be redeemed. Required: 1. Journalize the transactions. If an amount box does not require an enty, leave it blank 1 2. Assume that as of August 31, 16,300 of the S1-off coupons issued during July had been redeemed by customers. Journalize the entry for the remaining unredeemed coupons. If an amount box does not require an entry, leave it blank. Aug. 31
