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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 $84,000, trade discount 30%, terms FOB destination, 2/10, n/30. 4. Sold merchandise for cash, $35,710. The cost of the merchandise sold was $22,800. 5. Purchased merchandise on account from Papoose Creek Co., $51,550, terms FOB shipping point, 2/10, n/30, with prepaid freight of $770 added to the invoice. 6. Returned $13,300 ($19.000 list price less trade discount of 30%) of merchandise purchased on November 3 from Moonlight Co. 8. Sold merchandise on account to Quinn Co., $14,840 with terms n/15. The cost of the merchandise sold was $10,150. 13. Paid Moonlight Co. on account for purchase of November 3, less return of November 6. 14. Sold merchandise on VISA, $252.740. The cost of the merchandise sold was $145,620. 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 $33,210. 28. Paid VISA service fee of $3,800. 30. Paid Quinn Co. a cash refund of $1,450 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 bank Nov. 3 Nov. 4-sale Nov. 4-cost . No. 5 Nov. 9-sale Nov. 8-cost Nov. 13 Nov. 14-sale Nov. 14-cost Nov. 15 Nov. 23 Nov. 24-sale Nov. 24-cest Nov 28 Nov. 30
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