Question Content Area

Sales 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:

Date Transaction

July $3.$ Purchased merchandise on account from Hamling Co$.,$ list price $$79,000,$ trade discount $30\%,$ terms FOB shipping point, $2/10,$ n$/30,$ with prepaid freight of $$990$ added to the invoice.

$5.$ Purchased merchandise on account from Kester Co$.,$ $$45,350,$ terms FOB destination, $2/10,$ n$/30.$

$6.$ Sold merchandise on account to Parsley Co$.,$ $$16,360,$ terms n$/15.$ The cost of the goods sold was $$10,150.$

$7.$ Returned merchandise with an invoice amount of $$13,300$ 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 $$233,810$ to customers who used MasterCard and who redeemed $$8,900$ of point$-$of$-$sale coupons. The cost of the goods sold was $$133,460.$

$22.$ Sold merchandise on account to Tabor Co$.,$ $$61,300,$ terms n$/30.$ The cost of the goods sold was $$31,590.$

$23.$ Sold merchandise for cash, $$40,750.$ The cost of the goods sold was $$24,550.$

$28.$ Paid Parsley Co$.$ a cash refund of $$6,550$ for returned merchandise from sale of July $6.$ The cost of the returned merchandise was $$3,430.$

$31.$ Paid MasterCard service fee of $$3,320.$

$31.$ 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 $32,000$ coupons printed, it is estimated that $60\%$ will be redeemed.

Required:

Question Content Area

$1.$ Journalize the transactions. If an amount box does not require an entry, leave it blank.