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Sales-Related and Purchase-Related Transactions Using Perpetual Inventory System The following were selected from among the transactions completed by Harrison Company during November of the current
Sales-Related and Purchase-Related Transactions Using Perpetual Inventory System
The following were selected from among the transactions completed by Harrison Company during November of the current year:
Nov. 3. | Purchased merchandise on account from Moonlight Co., list price $78,000, trade discount 25%, terms FOB destination, 2/10, n/30. |
4. | Sold merchandise for cash, $38,500. The cost of the merchandise sold was $22,250. |
5. | Purchased merchandise on account from Papoose Creek Co., $44,500, terms FOB shipping point, 2/10, n/30, with prepaid freight of $760 added to the invoice. |
6. | Returned $15,000 ($20,000 list price less trade discount of 25%) of merchandise purchased on November 3 from Moonlight Co. |
8. | Sold merchandise on account to Quinn Co., $16,260 with terms n/15. The cost of the merchandise sold was $9,750. |
13. | Paid Moonlight Co. on account for purchase of November 3, less return of November 6. |
14. | Sold merchandise on VISA, $248,310. The cost of the merchandise sold was $130,230. |
15. | Paid Papoose Creek Co. on account for purchase of November 5. |
23. | Received cash on account from sale of November 8 to Quinn Co. |
24. | Sold merchandise on account to Rabel Co., $53,300, terms 1/10, n/30. The cost of the merchandise sold was $33,850. |
28. | Paid VISA service fee of $3,770. |
30. | Paid Quinn Co. a cash refund of $1,530 for damaged merchandise from sale of November 8. Quinn Co. kept the merchandise. |
Required:
Journalize the transactions. If an amount box does not require an entry, leave it blank.
Nov. 3 | Merchandise Inventory | fill in the blank 2 | fill in the blank 3 |
Accounts Payable-Moonlight Co. | fill in the blank 5 | fill in the blank 6 | |
Nov. 4-sale | Cash | fill in the blank 8 | fill in the blank 9 |
Sales | fill in the blank 11 | fill in the blank 12 | |
Nov. 4-cost | Cost of Merchandise Sold | fill in the blank 14 | fill in the blank 15 |
Merchandise Inventory | fill in the blank 17 | fill in the blank 18 | |
Nov. 5 | Merchandise Inventory | fill in the blank 20 | fill in the blank 21 |
Accounts Payable-Papoose Creek Co. | fill in the blank 23 | fill in the blank 24 | |
Nov. 6 | Accounts Payable-Moonlight Co. | fill in the blank 26 | fill in the blank 27 |
Merchandise Inventory | fill in the blank 29 | fill in the blank 30 | |
Nov. 8-sale | Accounts Receivable-Quinn Co. | fill in the blank 32 | fill in the blank 33 |
Sales | fill in the blank 35 | fill in the blank 36 | |
Nov. 8-cost | Cost of Merchandise Sold | fill in the blank 38 | fill in the blank 39 |
Merchandise Inventory | fill in the blank 41 | fill in the blank 42 | |
Nov. 13 | Accounts Payable-Moonlight Co. | fill in the blank 44 | fill in the blank 45 |
Sales Discounts | fill in the blank 47 | fill in the blank 48 | |
Nov. 14-sale | Cash | fill in the blank 50 | fill in the blank 51 |
Sales | fill in the blank 53 | fill in the blank 54 | |
Nov. 14-cost | Cost of Merchandise Sold | fill in the blank 56 | fill in the blank 57 |
Merchandise Inventory | fill in the blank 59 | fill in the blank 60 | |
Nov. 15 | Accounts Payable-Papoose Creek Co. | fill in the blank 62 | fill in the blank 63 |
Cash | fill in the blank 65 | fill in the blank 66 | |
Nov. 23 | Cash | fill in the blank 68 | fill in the blank 69 |
Accounts Payable-Quinn Co. | fill in the blank 71 | fill in the blank 72 | |
Nov. 24-sale | Accounts Payable-Rabel Co. | fill in the blank 74 | fill in the blank 75 |
Sales | fill in the blank 77 | fill in the blank 78 | |
Nov. 24-cost | Cost of Merchandise Sold | fill in the blank 80 | fill in the blank 81 |
Merchandise Inventory | fill in the blank 83 | fill in the blank 84 | |
Nov. 28 | Credit Card Expense | fill in the blank 86 | fill in the blank 87 |
Cash | fill in the blank 89 | fill in the blank 90 | |
Nov. 30 | Merchandise Inventory | fill in the blank 92 | fill in the blank 93 |
Cost of Merchandise Sold | fill in the blank 95 | fill in the blank 96 | |
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