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Task #2 The following were selected from among the transactions completed by Essex Company during July of the current year Date July 3 Description De Purchased merchandise on account from Kester Co. list price $90,000, terms FOB destination, 1/10, 1/30 July 6 Sold merchandise on account to Parsley Co, list price $110,000, terms FOB destination 2/10, 1/45. The cost of the merchandise sold was $70,000. Paid Delivery Service $3,000 for merchandise delivered to customers y 10 turned from Issued credit meme for $10,000 to Parsley Co. for merchandise 6. The cost of the merchandise returned was $6,500. July 15 Received cash on account from sale of July 6 to Parsley Co July 21 Paid Kester Co. on account for purchase of July 3. Instructions a) Assume Essex Company uses a perpetual system. Journal the transactions (1 point) (1) Determine the amount of Gross Profit by Essex Company (0.5 point) (1.5 points) Task #2 The following were selected from among the transactions completed by Essex Company during July of the current year Date July 3 Description De Purchased merchandise on account from Kester Co. list price $90,000, terms FOB destination, 1/10, 1/30 July 6 Sold merchandise on account to Parsley Co, list price $110,000, terms FOB destination 2/10, 1/45. The cost of the merchandise sold was $70,000. Paid Delivery Service $3,000 for merchandise delivered to customers y 10 turned from Issued credit meme for $10,000 to Parsley Co. for merchandise 6. The cost of the merchandise returned was $6,500. July 15 Received cash on account from sale of July 6 to Parsley Co July 21 Paid Kester Co. on account for purchase of July 3. Instructions a) Assume Essex Company uses a perpetual system. Journal the transactions (1 point) (1) Determine the amount of Gross Profit by Essex Company (0.5 point) (1.5 points)

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