Question

Sales-Related and Purchase-Related Transactions Using Perpetual Inventory System 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/30, with prepaid freight of $1,450 added to the invoice. 5. Purchased merchandise on account from Kester Co., $33,450, terms FOB destination, 2/10, n/30. 6. Sold merchandise on account to Parsley Co., $36,000, terms n/15. The cost of the goods sold was $25,000. 7. Returned $6,850 of merchandise 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, $108,000. The cost of the goods sold was $64,800. 22. Sold merchandise on account to Tabor Co., $16,650, terms 2/10, n/30. The cost of the goods sold was $10,000. 23. Sold merchandise for cash, $91,200. The cost of the goods sold was $55,000. 28. 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. 31. Paid MasterCard service fee of $1,650. Required: Journalize the transactions.

I just need help on July 3, 7, 13, and 15. If you wouldn't mind. I have found this answered already, but the responses were incorrect.

Answer 1

Debit($) 626501 Credit($) [$72000 - (72000*15%)]+$1450 62650 33450 33450 36000 36000 25000 250.00 Answer: Date Account Titles and Explanation Jul-03 Merchandise Inventory Accounts payable-Hamling Co. [To record Purchase of Inventory on Account) Jul-05 Merchandise Inventory Accounts payable-Kester Co. To record Purchase of Inventory on Account] Jul-06 Accounts receivable-Parsley Co. Sales [To record sale of Inventory on Account] Jul-06 Cost of Merchandise Slod Merchandise Inventory [to record cost of goods sold] Jul-07 Accounts payable-Kester Co. Merchandise Inventory [To record return of merchandise purchased] Jul-13 Accounts payable-Hamling Co. Cash Merchandise Inventory [To record payment for purchase] Jul-15 Accounts payable-Kester Co. Cash Merchandise Inventory [To record payment for purchase] Jul-21 Cash Accounts receivable-Parsley Co. [To record cash received on sales on account] Jul-21 Cash Sales [To record sales, payment throungh Mastercard) 62650 61426 1224 [$72000-(72000*15%)]x 2% 26600 [$33450 - 6850] 25931 669 ($33450 x 2%] 36000 360001 108000 1080001

64800 64800 16650 10000 10000 91200 91200 55000 Jul-21 Cost of Merchandise Slod Merchandise Inventory [to record cost of goods sold] Jul-22 Accounts receivable-Tabor Co. Sales [To record sale of Inventory on Account] Jul-22 Cost of Merchandise Slod Merchandise Inventory [to record cost of goods sold] Jul-23 Cash Sales [To record sales, payment throungh cash] Jul-23 Cost of Merchandise Slod Merchandise Inventory [to record cost of goods sold) Jul-28 Sales Returns and Allowance Accounts receivable-Parsley Co. To record return of merchandise sold] Jul-28 Accounts receivable-Parsley Co. Cash [To record the refund for returns] Jul-28 Merchandise Inventory Cost of merchandise sold [To record the returns] Jul-31 Credit card expense Cash To record master card service fees paid] 55000 7150 7150 4250 4250 1650