Question
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
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 $89,000, trade discount 30%, terms FOB destination, 2/10, n/30. |
4 | Sold merchandise for cash, $38,210. The cost of the merchandise sold was $20,810. | |
5 | Purchased merchandise on account from Papoose Creek Co., $51,550, terms FOB shipping point, 2/10, n/30, with prepaid freight of $730 added to the invoice. | |
6 | Returned $14,000 ($20,000 list price less trade discount of 30%) of merchandise purchased on November 3 from Moonlight Co. | |
8 | Sold merchandise on account to Quinn Co., $15,010 with terms n/15. The cost of the merchandise sold was $10,190. | |
13 | Paid Moonlight Co. on account for purchase of November 3, less return of November 6. | |
14 | Sold merchandise on VISA, $231,570. The cost of the merchandise sold was $142,060. | |
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., $54,800, terms 1/10, n/30. The cost of the merchandise sold was $33,850. | |
28 | Paid VISA service fee of $3,580. | |
30 | Paid Quinn Co. a cash refund of $1,730 for damaged merchandise from sale of November 8. Quinn Co. kept the merchandise. |
Required:
Journalize the transactions. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.
On March 31, 20Y4, the balances of the accounts appearing in the ledger of Danns Furnishings Company, a furniture wholesaler, are as follows:
|
Step by Step Solution
There are 3 Steps involved in it
Step: 1
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-text-image.webp)
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Step: 3
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started