Question
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 $83,000, trade discount 20%, terms FOB destination, 2/10, n/30. |
| 4. | Sold merchandise for cash, $38,150. The cost of the merchandise sold was $24,210. |
| 5. | Purchased merchandise on account from Papoose Creek Co., $44,600, terms FOB shipping point, 2/10, n/30, with prepaid freight of $800 added to the invoice. |
| 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., $15,380 with terms n/15. The cost of the merchandise sold was $10,340. |
| 13. | Paid Moonlight Co. on account for purchase of November 3, less return of November 6. |
| 14. | Sold merchandise on VISA, $258,670. The cost of the merchandise sold was $134,940. |
| 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., $55,100, terms 1/10, n/30. The cost of the merchandise sold was $33,860. |
| 28. | Paid VISA service fee of $3,300. |
| 30. | Paid Quinn Co. a cash refund of $1,460 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 | fill in the blank 2 | fill in the blank 3 | |
| fill in the blank 5 | fill in the blank 6 | ||
| Nov. 4-sale | fill in the blank 8 | fill in the blank 9 | |
| fill in the blank 11 | fill in the blank 12 | ||
| Nov. 4-cost | fill in the blank 14 | fill in the blank 15 | |
| fill in the blank 17 | fill in the blank 18 | ||
| Nov. 5 | fill in the blank 20 | fill in the blank 21 | |
| fill in the blank 23 | fill in the blank 24 | ||
| Nov. 6 | fill in the blank 26 | fill in the blank 27 | |
| fill in the blank 29 | fill in the blank 30 | ||
| Nov. 8-sale | fill in the blank 32 | fill in the blank 33 | |
| fill in the blank 35 | fill in the blank 36 | ||
| Nov. 8-cost | fill in the blank 38 | fill in the blank 39 | |
| fill in the blank 41 | fill in the blank 42 | ||
| Nov. 13 | fill in the blank 44 | fill in the blank 45 | |
| fill in the blank 47 | fill in the blank 48 | ||
| Nov. 14-sale | fill in the blank 50 | fill in the blank 51 | |
| fill in the blank 53 | fill in the blank 54 | ||
| Nov. 14-cost | fill in the blank 56 | fill in the blank 57 | |
| fill in the blank 59 | fill in the blank 60 | ||
| Nov. 15 | fill in the blank 62 | fill in the blank 63 | |
| fill in the blank 65 | fill in the blank 66 | ||
| Nov. 23 | fill in the blank 68 | fill in the blank 69 | |
| fill in the blank 71 | fill in the blank 72 | ||
| Nov. 24-sale | fill in the blank 74 | fill in the blank 75 | |
| fill in the blank 77 | fill in the blank 78 | ||
| Nov. 24-cost | fill in the blank 80 | fill in the blank 81 | |
| fill in the blank 83 | fill in the blank 84 | ||
| Nov. 28 | fill in the blank 86 | fill in the blank 87 | |
| fill in the blank 89 | fill in the blank 90 | ||
| Nov. 30 | fill in the blank 92 | fill in the blank 93 | |
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The Next Step Advanced Medical Coding And Auditing 2013
Authors: Carol J. Buck MS CPC CCS-P
1st Edition
1455744859, 978-1455744855
