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PR 5-3B Sales and Purchase-Related Transactions Using Perpetual Inventory System Obj 2 The following were selected from among the transactions completed by Essex Company during
PR 5-3B Sales and Purchase-Related Transactions Using Perpetual Inventory System Obj 2 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 propaid freight of $150 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 goods sold was $25,000. 7. Returned merchandise with an invoice amount of $6,850 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 with a list price of $108,000 to customers who used Mastercard and who redeemed $7,500 of point-of-sale coupons. The cost of the goods sold was $64,800. 22. Sold merchandise on account to Tabor Co., $16,650, terms n/30. The cost of the goods sold was $10,000. 23. Sold merchandise for cash, $91,200. The cost of the goods 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. Pald Mastercard service fee of $1,650. 31. During July, printed a coupon with each customer's sales receipt for $1 off the customer's next purchase of over $10. The coupons may be redeemed during August. Of the total of 30,000 coupons printed, it is estimated that 60% will be redeemed. Instructions Journalize the July transactions. Journalize the July frasactions. 2 Assume that as of August 31, 17,000 of the $1-off coupons issued during July had been redeemed by customers. Journalize the entry for the remaining unredeemed coupous
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