The following were selected from among the transactions completed by Essex Company during July of...
Question:
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 merchandise 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 merchandise sold was $64,800. |
| 22 | Sold merchandise on account to Tabor Co., $16,650, terms 2/10, n/30. The cost of the merchandise sold was $10,000. |
| 23 | Sold merchandise for cash, $91,200. The cost of the merchandise sold was $55,000. |
| 28 | Paid Parsley Co. a cash refund of $7,150 for returned merchandise from the sale of July 6. The cost of the returned merchandise was $4,250. |
| 31 | Paid MasterCard service fee of $1,650. |
Journalize the transactions.
Journal Entry:
It is a mandatory requirement for companies to record all their financial transactions. Journal entry organizes the financial data of a company that is helpful in preparing financial statements.
Answer and Explanation: 1
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View this answer| Date | Particulars | Debit ($) | Credit ($) | Calculation |
|---|---|---|---|---|
| Jul. 3 | Inventory | 61,426 | ||
| Accounts Payable-Hamling Co. | 61,426 | ($61,200 * (1 - 2%)) + $1,450 | ||
| Jul. 5 | Inven... |
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Journal Entries and Trial Balance in Accounting
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Chapter 3 / Lesson 10
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Discover the meaning of a journal entry and a trial balance, types of journal entries, how a general ledger differs from a trial balance, and some examples.
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