sales and purchase-related transactions using perpetual inventory system

es and purchase-related transactions using perpetual inventory system following were selected from among the transactions completed by Essex Company during July of the current year. Essex uses the net method under a perpetual entory system. Wuly 3. Purchased merchandise on account from Hamling Co., list price $85,000, trade discount 30%, terms FOB shipping point, 2/10, 1/30, with prepaid freight of $890 added to the invoice 5. Purchased merchandise on account from Kester Co., $47,750, terms FOB destination, 2/10, 1/30. 6. Sold merchandise an account to Parsley Co., $15,710, terms 1/15. The cost of the goods sold was $10,040. 7. Returned merchandise with an invoice amount of $11,200 purchased on July 5 from Kester Co. 13. Paid Hamling Co. on account for purchase of July 3. 15. Pald 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, $254,490. The cost of the goods was $139,430. 22. Sold merchandise on account to Tabor Co., $55.000, terms 2/10, 1/30. The cost of the goods sold was $11,570. 23. Sold merchandise for cash, $34,650. The cost of the goods sold was $22.120. 28. Pald Parsley Co. a cash refund of $5,520 for returned merchandise from sale of July 6. The cost of the returned merchandise was $2,980. 31. Pald MasterCard service fee of $3,480. Required: ournalize the transactions. If an amount box does not require an entry, leave it blank, July 3 July 5 Check My Work 3 more Check My Work uses remaining Previous Next All work saved Email Instructor Save and Submit Assignment for Grading