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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
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/3, with prepaid freight of $1, 450 added to the invoice. Purchased merchandise on account from Kester Co., $33, 450, terms FOB destination, 2/10, n/30. Sold merchandise on account to Parsley Co., $36,000, terms n/15. The cost of the merchandise sold was $25,000. Returned $6, 850 of merchandise purchased on July 5 from Kester Co. Paid Hamling Co. on account for purchase of July 3 Paid Kester Co. on account for purchase of July 5, less return of July 7. Received cash on account from sale of July 6 to Parsley Co. Sold merchandise on MasterCard, $108,000. The cost of the merchant ii sold was $64, 800. Sold merchandise on account to Tabor Co., $16, 650, terms 2/10, n/30 cost of the merchandise sold was $10,000. Sold merchandise for cash, $91, 200. The cast of the merchandise sold was 55,000. Paid Parsley Co. a cash refund of $7, 150 for returned merchandise from sale of July 6. The cost of the returned merchandise was $4 250 Paid MasterCard service fee of $ 1, 650
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