Question

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 $91,000, trade discount 25%, terms FOB destination, 2/10, n/30.

4. Sold merchandise for cash $40,140. The cost of the goods sold was $22,480

5. Purchased merchandise on account from Papoose Creek Co., $50,900

6. Returned $14,250 ($19,000 list price less trade discount of 25%) of merchandise purchased on November 3 from MoonlightCo

8. Sold merchandise on account to Quinn Co., $15,960 with terms n/15. The cost of the merchandise sold was $9,800

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

14. Sold merchandise on VISA, $22,380. The cost of the goods sold was $134, 280

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 Rebel Co., $54,100, terms 1/10, n/30. The cost of the goods sold was $35,480

28. Paid VISA service fee of $3,400

30. Paid Quinn Co. a cash refund of $5,740 for returned merchandise from sale of November 8. The cost of ten returned merchandise was $3,400.

Journalize the Transactions

Answer 1