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Instructions The following were selected from among the transactions completed by Harrison Company during November of the current year: Nov. 3 Purchased merchandise on
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 $94,000, trade discount 25%, terms FOB destination, 2/10, n/30. 4 Sold merchandise for cash, $35,040. The cost of the merchandise sold was $20,610. point, 2/10, n/30, with prepaid freight of $850 added to the invoice. 6 5 Purchased merchandise on account from Papoose Creek Co., $50,800, terms FOB shipping Returned $12,000 ($16,000 list price less trade discount of 25%) of merchandise purchased on November 3 from Moonlight Co. Journal 8 9 10 11 12 13 14 15 8 Sold merchandise on account to Quinn Co., $14,030 with terms n/15. The cost of the merchandise sold was $9,130. 16 17 13 Paid Moonlight Co. on account for purchase of November 3, less return of November 6. 18 14 Sold merchandise on VISA, $243,720. The cost of the merchandise sold was $148,260. 19 15 Paid Papoose Creek Co. on account for purchase of November 5. 20 23 Received cash on account from sale of November 8 to Quinn Co. 24 Sold merchandise on account to Rabel Co., $52,500, terms 1/10, n/30. The cost of the 21 merchandise sold was $36,660. 22 28 Paid VISA service fee of $3,750. 23 30 Paid Quinn Co. a cash refund of $1,710 for damaged merchandise from sale of November 8. Quinn Co. kept the merchandise. 24 25 26 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. 27 28 h R 29 31 32
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