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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
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: July 3. Purchased merchandise on account from Hamling Co, list price $93,000, trade discount 30%, terms FOB shipping point, 2/10, n/30, with prepaid freight of $920 added to the invoice. 5. Purchased merchandise on account from Kester Co., $50,100, terms FOB destination, 2/10, n/30. 6. Sold merchandise on account to Parsley Co4,$16,130, terms n/15. The cost of the goods sold was $10,300. 7. Returned merchandise with an involce amount of $11,900 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 ist price of $250,630 to customers who used MasterCard and who redeemed $8,100 of point-of-sale coupons. The cost of the goods sold was $143,640, 22. Sold merchandise on account to Tabor Co, $56,200, terms n/30. The cost of the goods sold was $36,340. 23. Sold merchandise for cash, $35,900. The cost of the goods sold was $23,650. 28. Paid Parsley Co. a cash refund of $5,620 for returned merchandise from sale of July 6. The cost of the returned merchandise was $3,320. 31. Poid MasterCard service fee of $3,630. 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 33,000 coupons printed, it is estimated that 60% will be redeemed. Required
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