Home / Questions / The following were selected from among the transactions completed by Babcock Company durin...
| 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. |
| Journalize the transactions. Refer to the Chart of Accounts for exact wording of account titles. |
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