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Selected transactions for Babcock Company during November of the current year are listed in Problem In Problem The following were selected from among the transactions completed by

Selected transactions for Babcock Company during November of the current year are listed in Problem 5-3A.

In Problem 5-3A

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 $85,000, trade discount 25%, terms FOB destination, 2/10, n/30.

4. Sold merchandise for cash, $37,680. The cost of the merchandise sold was $22,600.

5. Purchased merchandise on account from Papoose Creek Co., $47,500, terms FOB shipping point, 2/10, n/30, with prepaid freight of $810 added to the invoice.

6. Returned $13,500 ($18,000 list price less trade discount of 25%) of merchandise purchased on November 3 from Moonlight Co.

8. Sold merchandise on account to Quinn Co., $15,600 with terms n/15. The cost of the merchandise sold was $9,400.

13. Paid Moonlight Co. on account for purchase of November 3, less return of November 6.

14. Sold merchandise on VISA, $236,000. The cost of the merchandise sold was $140,000.

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., $56,900, terms 1/10, n/30. The cost of the merchandise sold was $34,000.

28. Paid VISA service fee of $3,540.

30. Paid Quinn Co. a cash refund of $6,000 for returned merchandise from sale of November 8. The cost of the returned merchandise was $3,300.

Instructions

Journalize the entries to record the transactions of Babcock Company for November using the periodic inventory system.

Apr 01 2020 View more View Less

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