Journal Instructions The following were selected from among the transactions completed by Harrison Company during November of the current year: Journalize the transactions. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use line: Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit a Nov. 3 Purchased merchandise on account from Moonlight Co., list price $89,000, trade discount 30%, terms FOB destination, 2/10, n/30. Sold merchandise for cash, $38,210. The cost of the merchandise sold was $20,810. 4 5 JOURNAL AC DESCRIPTION POST. REF. DEBIT CREDIT ASSETS 6 1 DATE Nov. 3 Merchandise Inventory Accounts Payable-Moonlight Co. 2 8 3 Nov. 4 Cash 4 13 Sales 14 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. Returned $14,000 ($20,000 list price less trade discount of 30%) of merchandise purchased on November 3 from Moonlight Co. Sold merchandise on account to Quinn Co., $15,010 with terms n/15. The cost of the merchandise sold was $10,190. Paid Moonlight Co. on account for purchase of November 3, less return of November 6. Sold merchandise on VISA, $231,570. The cost of the merchandise sold was $142,060. Paid Papoose Creek Co. on account for purchase of November 5. Received cash on account from sale of November 8 to Quinn Co. Sold merchandise on account to Rabel Co., $54,800, terms 1/10, n/30. The cost of the merchandise sold was $33,850. Paid VISA service fee of $3,580. Paid Quinn Co. a cash refund of $1,730 for damaged merchandise from sale of November 8. Quinn Co. kept the merchandise. 5 Nov. 4 Cost of Merchandise Sold 15 6 Merchandise Inventory 23 7 Nov. 5 Merchandise Inventory Accounts Payable-Papoose Creek Co. 24 8 9 Nov. 6 Accounts Payable-Moonlight Co. 28 10 Merchandise Inventory 30 11 Nov. 8 Cash 12 Sales 13 Nov. 8 Cost of Merchandise Sold 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. 14 Merchandise Inventory 15 Nov. 13 Accounts Payable-Moonlight Co. 16 Cash