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question 3 The following were selected from among the transactions completed by Harrison Company during November of the current year. Nov. 3 Purchased merchandise on
question 3
The following were selected from among the transactions completed by Harrison Company during November of the current year. Nov. 3 Purchased merchandise on account from Moonlight Co., list price $120,000, trade discount 25%, terms FOB destination, 2/10, n/30 4 5 8 8 Sold merchandise for cash, $53,500. The cost of the merchandise sold was $32.100. Purchased merchandise on account from Papoose Creek Co., 587.400, terms FOB shipping point, 2/10, 1/30, with prepaid freight of $1,150 added to the invoice Returned $10,200 ($25,600 list price less trade discount of 25%) of merchandise purchased on November 3 from Moonlight Co. Sold merchandise on account to Quinn Co.. $22,100 with terms 1/15. The cost of the merchandise sold was $13,000. Paid Moonlight Co. on account for purchase of November 3, less return of November 8, Sold merchandise on VISA. $335,000. The cost of the merchandise sold was $198.700, 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.. $80,800, terms 1/10, 1/30. The cost of the merchandise sold was $48,300 13 14 15 23 24 28 Paid VISA service fee of $5.030. 30 Paid Quinn Co. a cash refund of $1.770 for damaged merchandise from sale of November 8. Quinn Co. kept the merchandise Step by Step Solution
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