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 $89,000, trade discount 30%, terms FOB destination, 2/10, n/30.   4 Sold merchandise for cash, $38,210. The cost of the merchandise sold was $20,810.   5 Purchased merchandise on account from Papoose Creek Co., $51,550, terms FOB shipping point, 2/10, n/30, with prepaid freight of $730 added to the invoice.   6 Returned $14,000 ($20,000 list price less trade discount of 30%) of merchandise purchased on November 3 from Moonlight Co.   8 Sold merchandise on account to Quinn Co., $15,010 with terms n/15. The cost of the merchandise sold was $10,190.   13 Paid Moonlight Co. on account for purchase of November 3, less return of November 6.   14 Sold merchandise on VISA, $231,570. The cost of the merchandise sold was $142,060.   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., $54,800, terms 1/10, n/30. The cost of the merchandise sold was $33,850.   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.

Cost of goods sold and related items The following data were extracted from the accounting records of Harkins Company for the year ended April 30, 20Y8: Estimated returns of current year sales 11,600 Inventory, May 1, 20Y7 380,000 Inventory, April 30, 20Y8 415,000 Purchases 3,800,000 Purchases returns and allowances 150,000 Purchases discounts 80,000 Sales 5,850,000 Freight in 16,600 a. Prepare the Cost of goods sold section of the income statement for the year ended April 30, 20Y8, using the periodic inventory system. b. Determine the gross profit to be reported on the income statement for the year ended April 30, 20Y8. c. Would gross profit be different if the perpetual inventory system was used instead of the periodic inventory system?

The following information is available for Cooke Company for the current year: The gross margin is 40% of net sales. What is the cost of goods available for sale? a. 5840,000 b. 960,000 c. 1,200,000 d. 1,220,000

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 $94,000, trade discount 25%, terms FOB destination, 2/10, n/30.   4 Sold merchandise for cash, $35,040. The cost of the merchandise sold was $20,610.   5 Purchased merchandise on account from Papoose Creek Co., $50,800, terms FOB shipping point, 2/10, n/30, with prepaid freight of $850 added to the invoice.   6 Returned $12,000 ($16,000 list price less trade discount of 25%) of merchandise purchased on November 3 from Moonlight Co.   8 Sold merchandise on account to Quinn Co., $14,030 with terms n/15. The cost of the merchandise sold was $9,130.   13 Paid Moonlight Co. on account for purchase of November 3, less return of November 6.   14 Sold merchandise on VISA, $243,720. The cost of the merchandise sold was $148,260.   15 Paid Papoose Creek Co. on account for purchase of…

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 $120,000, trade discount 25%, terms FOB destination, 2/10, n/30. 4. Sold merchandise for cash, $53,500. The cost of the merchandise sold was $32,100. 5. Purchased merchandise on account from Papoose Creek Co., $67,400, terms FOB shipping point, 2/10, n/30, with prepaid freight of $1,150 added to the invoice. 6. Returned $19,200 ($25,600 list price less trade discount of 25%) of merchandise purchased on November 3 from Moonlight Co. 8. Sold merchandise on account to Quinn Co., $22,100 with terms n/15. The cost of the merchandise sold was $13,000. 13. Paid Moonlight Co. on account for purchase of November 3, less return of November 6. 14. Sold merchandise on VISA, $335,000. The cost of the merchandise sold was $198,700. 15. Paid Papoose Creek Co. on account for purchase of…

The following were selected from among the transactions completed by Babcock Company during November of the current year: Nov. 3 Purchased merchandise on account from Moonlight Co., list price $93,000, trade discount 25%, terms FOB destination, 2/10, n/30.   4 Sold merchandise for cash, $34,100. The cost of the goods sold was $22,080.   5 Purchased merchandise on account from Papoose Creek Co., $43,650, terms FOB shipping point, 2/10, n/30, with prepaid freight of $750 added to the invoice.   6 Returned merchandise with an invoice amount of $15,000 ($20,000 list price less trade discount of 25%) purchased on November 3 from Moonlight Co.   8 Sold merchandise on account to Quinn Co., $15,270 with terms n/15. The cost of the goods sold was $8,940.   13 Paid Moonlight Co. on account for purchase of November 3, less return of November 6.   14 Sold merchandise with a list price of $229,890 to customers who used VISA and who redeemed $7,500 of pointof- sale coupons. The cost…

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 $120,000, trade discount 25%, terms FOB destination, 2/10, n/30.   4 Sold merchandise for cash, $53,500. The cost of the merchandise sold was $32,100.   5 Purchased merchandise on account from Papoose Creek Co., $67,400, terms FOB shipping point, 2/10, n/30, with prepaid freight of $1,150 added to the invoice.   6 Returned $19,200 ($25,600 list price less trade discount of 25%) of merchandise purchased on November 3 from Moonlight Co.   8 Sold merchandise on account to Quinn Co., $22,100 with terms n/15. The cost of the merchandise sold was $13,000.   13 Paid Moonlight Co. on account for purchase of November 3, less return of November 6.   14 Sold merchandise on VISA, $335,000. The cost of the merchandise sold was $198,700.   15 Paid Papoose Creek Co. on account for purchase…

The following were selected from among the transactions completed by Babcock Company during November of the current year: Nov. 3 Purchased merchandise on account from Moonlight Co., list price $85,000, trade discount 25%, terms FOB destination, 2/10, n/30.   4 Sold merchandise for cash, $37,680. The cost of the goods sold was $22,600.   5 Purchased merchandise on account from Papoose Creek Co., $47,500, terms FOB shipping point, 2/10, n/30, with prepaid freight of $810 added to the invoice.   6 Returned $13,500 ($18,000 list price less trade discount of 25%) of merchandise purchased on November 3 from Moonlight Co.   8 Sold merchandise on account to Quinn Co., $15,600 with terms n/15. The cost of the goods sold was $9,400.   13 Paid Moonlight Co. on account for purchase of November 3, less return of November 6.   14 Sold merchandise on VISA, $236,000. The cost of the goods sold was $140,000.   15 Paid Papoose Creek Co. on account for purchase of November 5.   23…

The following were selected from among the transactions completed by Babcock Company during November of the current year: Nov. 3 Purchased merchandise on account from Moonlight Co., list price $85,000, trade discount 25%, terms FOB destination, 2/10, n/30.   4 Sold merchandise for cash, $37,680. The cost of the goods sold was $22,600.   5 Purchased merchandise on account from Papoose Creek Co., $47,500, terms FOB shipping point, 2/10, n/30, with prepaid freight of $810 added to the invoice.   6 Returned $13,500 ($18,000 list price less trade discount of 25%) of merchandise purchased on November 3 from Moonlight Co.   8 Sold merchandise on account to Quinn Co., $15,600 with terms n/15. The cost of the goods sold was $9,400.   13 Paid Moonlight Co. on account for purchase of November 3, less return of November 6.   14 Sold merchandise on VISA, $236,000. The cost of the goods sold was $140,000.   15 Paid Papoose Creek Co. on account for purchase of November 5.   23…

The following were selected from among the transactions completed by Babcock Company during November of the current year: Nov. 3 Purchased merchandise on account from Moonlight Co., list price $85,000, trade discount 25%, terms FOB destination, 2/10, n/30.   4 Sold merchandise for cash, $37,680. The cost of the goods sold was $22,600.   5 Purchased merchandise on account from Papoose Creek Co., $47,500, terms FOB shipping point, 2/10, n/30, with prepaid freight of $810 added to the invoice.   6 Returned $13,500 ($18,000 list price less trade discount of 25%) of merchandise purchased on November 3 from Moonlight Co.   8 Sold merchandise on account to Quinn Co., $15,600 with terms n/15. The cost of the goods sold was $9,400.   13 Paid Moonlight Co. on account for purchase of November 3, less return of November 6.   14 Sold merchandise on VISA, $236,000. The cost of the goods sold was $140,000.   15 Paid Papoose Creek Co. on account for purchase of November 5.   23…