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 $76,000, trade discount 25%, terms FOB shipping point, 2/10, n/30, with prepaid freight of $830 added to the invoice. 5. Purchased merchandise on account from Kester Co., $51,400, terms FOB-destination, 2/10, n/30. 6. Sold merchandise on account to Parsley Co., $16,800, terms n/15. The cost of the goods sold was $9,540. 7. Returned merchandise with an invoice amount of $12,750 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 $225,350 to customers who used MasterCard and who redeemed $9,100 of point-of-sale coupons. The cost of the goods sold was $147,480. 22. Sold merchandise on account to Tabor Co., $57,900, terms N/30. The cost of the goods sold was $33,390. 23. Sold merchandise for cash, $34,050. The cost of the goods sold was $20,400. 28. Paid Parsiey Co. a cash refund of $5,570 for returned merchandise from sale of July 6 , The cost of the returned merchandise was $3,010. 31. Paid MasterCard service fee of $3,830. 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. Or the total of 31,000 coupons printed, it is estimated that 60% will be redeemed. 1. Journalize the transactions. If an amount box does not require an entry, leave it blank. July 15 Accounts Payable-Kester Co. Cash Inventory July 21 Cash Accounts Receivable-Parsley CO, July 21 Cash Sales July 21 Cost of Goods Sold Inventory July 22 Accounts Receivable-Tabor Co Sales v July 22InventoryCostofGoodsSold July 23SalesCash eBook \begin{tabular}{|l|l} \hline & Show Me How \end{tabular} July 23 Sales v July 23 Cost of Goods sold V Inventory July 28 Customers Refunds Payable Cash v July 28 inventory Estimated Returns invention July 31 Credir Card Expense cash July 31 Sales v Estimated Coupons Peyable