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Question 3 Harvey and Co. completed the following merchandising transactions in the month of August. Aug.2 Purchased merchandise on account from Unicorn Supply Co. 5,000,

Question 3

Harvey and Co. completed the following merchandising transactions in the month of August.

Aug.2 Purchased merchandise on account from Unicorn Supply Co. 5,000, terms 1/10, n/30.

4 Sold merchandise on account 3,500, FOB destination, terms 1/10, n/30. The cost of the .merchandise sold was 2,000.

5 Paid 100 freight on August 4 sale.

6 Received credit from Unicorn Supply Co. for merchandise returned 1,000.

11 Paid Unicorn Supply Co. in full, less discount.

13Received collections in full, less discounts, from customers billed on August 4.

14Purchased merchandise for cash 2,500.

16Received refund from supplier for returned goods on cash purchase of August 14,

.600.

18Purchased merchandise from Archie Distributors 6,250, FOB shipping point,

.terms 2/10, n/30.

20 Paid freight on August 18 purchase 110.

23 Sold merchandise for cash 5,400. The merchandise sold had a cost of 2,120.

Required

Journalise the above transactions

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