Business, 03.08.2021 18:00, andrecoral105
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 $93,000, trade discount 25%, terms FOB destination, 2/10, n/30.
4 Sold merchandise for cash, $34,100. The cost of the merchandise sold was $22,080.
5 Purchased merchandise on account from Papoose Creek Co., $43,650, terms FOB shipping point, 2/10, n/30, with prepaid freight of $750 added to the invoice.
6 Returned $15,000 ($20,000 list price less trade discount of 25%) of merchandise purchased on November 3 from Moonlight Co.
8 Sold merchandise on account to Quinn Co., $15,270 with terms n/15. The cost of the merchandise sold was $8,940.
13 Paid Moonlight Co. on account for purchase of November 3, less return of November 6.
14 Sold merchandise on VISA, $229,890. The cost of the merchandise sold was $153,500.
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., $51,300, terms 1/10, n/30. The cost of the merchandise sold was $33,280.
28 Paid VISA service fee of $3,410.
30 Paid Quinn Co. a cash refund of $1,800 for damaged merchandise from sale of November 8. Quinn Co. kept the merchandise.
Required:
Journalize the transactions.
Answers: 1
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