Answered step by step
Verified Expert Solution
Question
1 Approved Answer
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 $88,000, trade discount 20%, terms FOB destination, 2/10, n/30. 4. Sold merchandise for cash, $37,850. The cost of the merchandise sold was $23,660. 6. Returned $14,400 (\$18,000 list price less trade discount of 20% ) of merchandise purchased on November 3 from Moonlight Co. 8. Sold merchandise on account to Quinn Co., $14,500 with terms n/15. The cost of the merchandise sold was $9, 580 . 13. Paid Moonlight Co. on account for purchase of November 3, less return of November 6. 14. Sold merchandise on VISA, $229,170. The cost of the merchandise sold was $128,040. 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., $55,900, terms 1/10,n/30. The cost of the merchandise sold was $32,850. 28. Paid VISA service fee of $3,340. 30. Paid Quinn Co. a cash refund of $1,450 for damaged merchandise from sale of November 8 . Quinn Co. kept the merchandise. Journalize the transactions. If an amount box does not require an entry, leave it blank. Nov. 3 Nov. 4-sale Nov. 4-cost Nov. 5 Nov. 6 Nov. 8-sale Nov. 8-cost Nov. 13 Nov. 14-sale Nov. 14-cost Nov. 15 Nov. 23 Nov. 24-sale Nov. 24-cost Nov. 28 Nov. 30
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started