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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

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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 year. Essex uses the net method under a perpetual inventory system. July 3. Purchased merchandise on account from Hamling Co., list price $79,000, trade discount 25%, terms FOB shipping point,2/10, 1/30, with prepaid freight of $880 added to the invoice. 5. Purchased merchandise on account from Kester Co., 546,350, terms FOB destination, 2/10, 1/30 6. Sold merchandise on account to Parsley Co., $16,710, terms /15. The cost of the goods sold was 59,260. 7. Returned merchandise with an invoice amount of $14,250 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 on MasterCard, $257,000. The cost of the goods sold was $140,380. 22. Sold merchandise on account to Tabor Co., $56,000, terms 2/10, 1/30. The cost of the goods sold was $35,040 23. Sold merchandise for cash, $35,620. The cost of the goods sold was $21.430 28. Paid Parsley Co. a cash refund of $5,760 for returned merchandise from sale of July 6. The cost of the returned merchandise was $3.440. 31. Paid MasterCard service fee of $3,800. Required: Journalize the transactions. If an amount box does not require an entry, leave it blank July 3 Inventory Accounts Payable-Haming Co Julys Inventory Accounts Payable-Kester Co We Accounts Receivable-Parsley Co Sales Julyo Cost of Goods Sold Inventory II II II II II II II DI II II II OD July Accounts Payable-Kester Inventory J 1 Accounts Payable-Haming Co. Cash July 15 Accounts Payable Kester Co Cash

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