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Sales-Related 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
Sales-Related 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 $72,000, trade discount 15%, terms FOB shipping point, 2/10, n/30, with prepaid freight of $1,450 added to the invoice. |
5. | Purchased merchandise on account from Kester Co., $33,450, terms FOB destination, 2/10, n/30. |
6. | Sold merchandise on account to Parsley Co., $36,000, terms n/15. The cost of the merchandise sold was $25,000. |
7. | Returned $6,850 of merchandise 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 on MasterCard, $108,000. The cost of the merchandise sold was $64,800. |
22. | Sold merchandise on account to Tabor Co., $16,650, terms 2/10, n/30. The cost of the merchandise sold was $10,000. |
23. | Sold merchandise for cash, $91,200. The cost of the merchandise sold was $55,000. |
28. | Paid Parsley Co. a cash refund of $2,500 for damaged merchandise from sale of July 6. Parsley Co. kept the merchandise. |
31. | Paid MasterCard service fee of $1,650. |
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