In: Accounting
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, $41,250. The cost of the merchandise sold was $22,250. | |
5 | Purchased merchandise on account from Papoose Creek Co., $43,700, terms FOB shipping point, 2/10, n/30, with prepaid freight of $840 added to the invoice. | |
6 | Returned $13,600 ($17,000 list price less trade discount of 20%) of merchandise purchased on November 3 from Moonlight Co. | |
8 | Sold merchandise on account to Quinn Co., $16,100 with terms n/15. The cost of the merchandise sold was $9,440. | |
13 | Paid Moonlight Co. on account for purchase of November 3, less return of November 6. | |
14 | Sold merchandise on VISA, $226,120. The cost of the merchandise sold was $135,430. | |
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., $60,700, terms 1/10, n/30. The cost of the merchandise sold was $33,120. | |
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. |
Chart of Accounts
CHART OF ACCOUNTS | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Harrison Company | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
General Ledger | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Journal
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.
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JOURNAL
ACCOUNTING EQUATION