Instructions 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 $93,000, trade discount 25%, terms FOB destination, 2/10, n/30. 4 Sold merchandise for cash, $34,100. The cost of the merchandise sold was $22,080. 5 6 Purchased merchandise on account from Papoose Creek Co., $43,650, terms FOB shipping point, 2/10, n/30, with prepaid freight of $750 added to the invoice. Returned $15,000 ($20,000 list price less trade discount of 25%) of merchandise purchased on November 3 from Moonlight Co. 8 Sold merchandise on account to Quinn Co., $15,270 with terms n/15. The cost of the merchandise sold was $8,940. 13 Paid Moonlight Co. on account for purchase of November 3, less return of November 6. 14 Sold merchandise on VISA, $229,890. The cost of the merchandise sold was $153,500. 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., $51,300, terms 1/10, n/30. The cost of the merchandise sold was $33,280. 28 Paid VISA service fee of $3,410. 30 Paid Quinn Co. a cash refund of $1,800 for damaged merchandise from sale of November 8. Quinn Co. kept the merchandise. CHART OF ACCOUNTS Harrison Company General Ledger ASSETS 110 Cash 121 Accounts Receivable-Quinn Co. 122 Accounts Receivable-Rabel Co. 125 Notes Receivable 130 Merchandise Inventory 131 Estimated Returns Inventory 140 Office Supplies 141 Store Supplies 142 Prepaid Insurance 180 Land 192 Store Equipment 193 Accumulated Depreciation-Store Equipment 194 Office Equipment 195 Accumulated Depreciation-Office Equipment LIABILITIES 211 Accounts Payable-Moonlight Co. 212 Accounts Payable-Papoose Creek Co. 216 Salaries Payable 218 Sales Tax Payable 219 Customer Refunds Payable 221 Notes Payable REVENUE 410 Sales 610 Interest Revenue EXPENSES 510 Cost of Merchandise Sold 521 Delivery Expense 522 Advertising Expense 524 Depreciation Expense-Store Equipment 525 Depreciation Expense-Office Equipment 526 Salaries Expense 531 Rent Expense 533 Insurance Expense 534 Store Supplies Expense 535 Office Supplies Expense 536 Credit Card Expense 539 Miscellaneous Expense 710 Interest Expense EQUITY 310 Owner, Capital 311 Owner, Drawing 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. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 DATE DESCRIPTION JOURNAL POST. REF. DEBIT CREDIT ASSETS s://v2.cengagenow.com/ilm/take Assignment/takeAssignmentMain.do?invoker-&takeAssignmentSessionLocator=&inprogress=false 2/23,2:58 PM DATE DESCRIPTION 18 19 20 21 22 23 24 25 26 27 28 29 30 CengageNOWv2 | Online teaching and learning resource from Cengage Learning POST. REF. DEBIT CREDIT PAGE 10 ACCOUNTING EQUATION LIABILITIES EQUITY ASSETS LIABILITIES EQUITY 32