Sales and purchase-related transactions using perpetual inventory system The following were selected from among the transactions completed by Essex Company during Juty 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 $78,000, trade discount 30%, terms FOB shipping point, 2/10, 1/30, with prepaid freight of $870 added to the invoices 5. Purchased merchandise on account from Kester Co., 544,300, terms Fos destination, 2/10, 1/30. 6. Sold merchandise on account to Parsley Co, 515,880, terms n/15. The cost of the goods sold was $9,880. 7. Returned merchandise with an involce amount of $11,900 purchased on July 5 from Kester Co. 13. Paid Haming 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, 5243,750. The cost of the goods sold was $145,980, 22. Sold merchandise an account to Tabor Co., 553,300, terms 2/10, 1/30. The cost of the goods sold was $37,350, 23. Sold merchandise for cash, $34,390. The cost of the goods sold was $24,760. 28. Pald Parsley Co. a cash refund of $6,370 for returned merchandise from sale of July 6. The cost of the returned merchandise was $3,110, 31. Paid MasterCard service fee of $3,210. 13 box does not require an entry, leave it blank. July 3 Accounts Payable-Hamling Co. July 5 July 6 July 6 July 7 July 13 July 15 I July 21 July 21 July 21 July 22 July 22 July 23 July 23 Il July 28 July 22 July 23 July 23 July 28 July 28 July 31