In: Accounting
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 $87,000, trade discount 25%, terms FOB shipping point, 2/10, n/30, with prepaid freight of $970 added to the invoice. |
5. | Purchased merchandise on account from Kester Co., $50,800, terms FOB destination, 2/10, n/30. |
6. | Sold merchandise on account to Parsley Co., $14,660, terms n/15. The cost of the goods sold was $9,830. |
7. | Returned merchandise with an invoice amount of $12,000 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, $231,210. The cost of the goods sold was $152,410. |
22. | Sold merchandise on account to Tabor Co., $58,300, terms 2/10, n/30. The cost of the goods sold was $34,980. |
23. | Sold merchandise for cash, $35,400. The cost of the goods sold was $24,050. |
28. | Paid Parsley Co. a cash refund of $5,840 for returned merchandise from sale of July 6. The cost of the returned merchandise was $3,110. |
31. | Paid MasterCard service fee of $3,640. |
Required:
Journalize the transactions. If an amount box does not require an entry, leave it blank.