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The following were selected from among the transactions completed by Babcock Company during November of the current year:

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 $90,000, trade discount 25%, terms FOB destination, 2/10, n/30.
  4 Sold merchandise for cash, $36,900. The cost of the merchandise sold was $20,480.
  5 Purchased merchandise on account from Papoose Creek Co., $50,700, terms FOB shipping point, 2/10, n/30, with prepaid freight of $750 added to the invoice.
  6 Returned $12,750 ($17,000 list price less trade discount of 25%) of merchandise purchased on November 3 from Moonlight Co.
  8 Sold merchandise on account to Quinn Co., $14,550 with terms n/15. The cost of the merchandise sold was $9,510.
  13 Paid Moonlight Co. on account for purchase of November 3, less return of November 6.
  14 Sold merchandise on VISA, $239,110. The cost of the merchandise sold was $137,270.
  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., $57,100, terms 1/10, n/30. The cost of the merchandise sold was $32,270.
  28 Paid VISA service fee of $3,700.
  30 Paid Quinn Co. a cash refund of $5,960 for returned merchandise from sale of November 8. The cost of the returned merchandise was $3,290.
 
Required:
  Journalize the transactions. Refer to the Chart of Accounts for exact wording of account titles.
 

Sep 15 2020 Read more Less More

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