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July 3. Purchased merchandise on account from Hamling Co., list price $72,000, trade discount 15%, terms FOB shipping point, 2/10, n/30, with prepaid freight of
July 3. Purchased merchandise on account from Hamling Co., list price $72,000, trade discount 15%, terms FOB shipping point, 2/10, n/30, with prepaid freight of $1,450 added to the invoice. 5. Purchased merchandise on account from Kester Co., $33,450, terms FOB destination, 2/10, n/30. 6. Sold merchandise on account to Parsley Co., $36,000, terms n/15. The cost of the merchandise sold was $25,000. 7. Returned $6,850 of merchandise 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 on MasterCard, $108,000. The cost of the merchandise sold was $64,800. 22. Sold merchandise on account to Tabor Co., $16,650, terms 2/10, n/30. The cost of the merchandise sold was $10,000. 23. Sold merchandise for cash, $91,200. The cost of the merchandise sold was $55,000. 28. Paid Parsley Co. a cash refund of $2,500 for damaged merchandise from sale of July 6. Parsley Co. kept the merchandise. 31. Paid MasterCard service fee of $1,650. equired: ournalize the entries to record the transactions of Essex Company for July using the periodic inventory system. If an amount box does not require an entry, leave it Purchases July 3 61,200 Freight In Accounts Payable-Hamling Co. IIII Purchases July 5 33,450 Accounts Payable-Kester Co. 33,450 July 6 Accounts Receivable-Parsley Co. 36,000 Sales 36,000 July 7 Accounts Payable-Kester Co. 6,850 Purchases Returns and Allowances 6,850 July 13 Accounts Payable-Hamling Co. 62,650 Cash 61,426 Purchases Discounts 1,224 July 15 Accounts Payable-Kester Co. Cash lll III Purchases Discounts
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