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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 years How 3. Purchased merchandise on account from Moonlight Coulist prica saz.000. trade discount 2576. terma Fos destination, 2/10./30. 4. Sold merchandise for cash $31.440. The cost of the merchandise sold was $22.420. 5. Purchased merchandise on account from Dapoose Creek Co., 549.750 terms og shipping point, 2/10, 1/30 with prepaid freight of $850 added to the invoice 6. Returned $12.750 ($17,000 last price les trade discount of 25%) of merchandise purchased on November 3 from Moonlight Co. 8. Sold merchandise on account to Quinn Co. $14.130 with terms /15. The cost of the merchandise sold was $10.000. 13. Pald Moonlight Co. on account for purchase of November 3. less return of November 6. 2. Sold merchandise on VISA $225.740. The cost of the merchandise sold was $149.200. 15. Paid Papoose Creek Co on account for purchase of of November 5. 23. Received cash on account from sale of November 8 to Quinn ca. 24. Sold merchandise on account to Rebel Co. 561,600, terms 1/10./30. The cost of the merchandise sold was $33.380. 29. Paid VISA service fee of $3,310. 30. Paid Quina Co. a cath refund of 5.600 for damaged merchandise from sale of November 8, Quinn Co. test the merchandise Required: Journalize the transactions. If an amount box does not require an entry, leave it blank. Nov. 3 Merchandise Inventory 60,270 Accounts Payable-Moonlight Co. 60,270 Nov. 4-sale Cash 38,440 Sales 38,440 22,420 Nov. 4-cost Cost of Merchandise Sold Merchandise Inventory 22,420 Nov. 5 49,615 Merchandise Inventory Accounts Payable-Papoose Creek Co. V 49,615 Nov. 6 12,495 X 12,495 X
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