Reference no: EM132586558
Harvey and Co. completed the following merchandising transactions in the month of August.
Aug.2 Purchased merchandise on account from Unicorn Supply Co. £5,000, terms 1/10, n/30.
4 Sold merchandise on account £3,500, FOB destination, terms 1/10, n/30. The cost of the . merchandise sold was £2,000.
5 Paid £100 freight on August 4 sale.
6 Received credit from Unicorn Supply Co. for merchandise returned £1,000.
11 Paid Unicorn Supply Co. in full, less discount.
13 Received collections in full, less discounts, from customers billed on August 4.
14 Purchased merchandise for cash £2,500.
16 Received refund from supplier for returned goods on cash purchase of August 14, £600.
18 Purchased merchandise from Archie Distributors £6,250, FOB shipping point, terms 2/10, n/30.
20 Paid freight on August 18 purchase £110.
23 Sold merchandise for cash £5,400. The merchandise sold had a cost of £2,120.
Required
Question 1: Journalise the above transactions