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Merchandise Inventory, Accounts Payable-Hamling Co; Cost of Merchandise Sold, Delivery Expense, Merchandise Inventory, Sales Discounts, Cash, Sales, Accounts Receivable-Parsley Co; Accounts Payable-Kester Co; Accounts Receivable-Hamling Co; Cost of Merchandise Sold, Customers Refunds Payable, Accounts Receivable-Tabor Co; Accounts Payable-Tabor Co; Accounts Payable, Credit Card Expense.

Sales-Related 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 year: 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. 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. - 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 $7,150 for returned merchandise from sale of July 6. The cost of the returned merchandise was $4,250. 31. Paid MasterCard service fee of $1,650. Required: Journalize the transactions. For a compound transaction, if an amount box does not require an entry, leave it blank. July 3 Merchandise Inventory Accounts Payable-Hamling Co. July 5 Merchandise Inventory Accounts Payable-Kester Co. July 6-sale Accounts Receivable-Parsley Co. Sales July 6-cost Cost of Merchandise Sold Merchandise Inventory July 7 Accounts Payable-Kester Co. 0 0 0 0 0 0 0 0 0 Merchandise Inventory OOOOOOOOO July 13 Accounts Payable-Hamling Co. Cash July 15 Accounts Payable-Kester Co. Cash July 21-sale July 21-sale