Sales and purchase-related transactions using perpetual inventory systemThe following were selected from among the transactions completed by Essex Company during July of the current year. Essex uses the net method under a perpetual inventory system. July 3. Purchased merchandise on account from Hamling Co., list price $91,000,trade discount20%, termsFOB shipping point, 2/10, n/30, with prepaid freight of $860 added to theinvoice. 5. Purchased merchandise on account from Kester Co., $48,550, termsFOB destination, 2/10, n/30. 6. Sold merchandise on account to Parsley Co., $16,320, terms n/15. The cost of the goods sold was $9,210. 7. Returned merchandise with an invoice amount of $14,400 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, $240,900. The cost of the goods sold was $146,400. 22. Sold merchandise on account to Tabor Co., $55,300, terms 2/10, n/30. The cost of the goods sold was $35,310. 23. Sold merchandise for cash, $40,950. The cost of the goods sold was $24,240. 28. Paid Parsley Co. a cash refund of $5,580 for returned merchandise from sale of July 6. The cost of the returned merchandise was $3,280. 31. Paid MasterCard service fee of $3,220. Required:Journalize the transactions. If an amount box does not require an entry, leave it blank. July 3 Inventory Accounts Payable-Hamling Co. July 5 Cash Cost of Goods Sold July 6 July 6 July 7 July 13 July 15 July 21 July 21 July 21 July 22 July 22 July 23 July 23 July 28 July 28 July 31

Sales 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. Essex uses...

Sales 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. Essex uses the net method under a perpetual inventory system.

July 3.	Purchased merchandise on account from Hamling Co., list price $91,000,trade discount20%, termsFOB shipping point, 2/10, n/30, with prepaid freight of $860 added to theinvoice.
5.	Purchased merchandise on account from Kester Co., $48,550, termsFOB destination, 2/10, n/30.
6.	Sold merchandise on account to Parsley Co., $16,320, terms n/15. The cost of the goods sold was $9,210.
7.	Returned merchandise with an invoice amount of $14,400 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, $240,900. The cost of the goods sold was $146,400.
22.	Sold merchandise on account to Tabor Co., $55,300, terms 2/10, n/30. The cost of the goods sold was $35,310.
23.	Sold merchandise for cash, $40,950. The cost of the goods sold was $24,240.
28.	Paid Parsley Co. a cash refund of $5,580 for returned merchandise from sale of July 6. The cost of the returned merchandise was $3,280.
31.	Paid MasterCard service fee of $3,220.

Required:

Journalize the transactions. If an amount box does not require an entry, leave it blank.

July 3	Inventory
	Accounts Payable-Hamling Co.
July 5	Cash
	Cost of Goods Sold
July 6

July 6

July 7

July 13

July 15

July 21

July 21

July 21

July 22

July 22

July 23

July 23

July 28

July 28

July 31

Oct 01, 2021

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Sales 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. Essex uses...

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