Instructions The following were selected from among the transactions completed b

Question

Instructions 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 pont, 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 Sold merchandise on account to Parsley Co., $36,000, terms n/15. The cost of the merchandise sold was $25,000. Retumed $6,850 of merchandise purchased on July 5 from Kester Co. Paid Hamling Co. on account for purchase of July 3 Paid Kester Co. on account for purchase 6 7 13 1S check My work

Explanation / Answer

The following journal entries should be prepared for the given transactions:

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