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 $88,000, trade discount 20%, terms FOB destination, 2/10, n/30.
	4	Sold merchandise for cash, $41,250. The cost of the merchandise sold was $22,250.
	5	Purchased merchandise on account from Papoose Creek Co., $43,700, terms FOB shipping point, 2/10, n/30, with prepaid freight of $840 added to the invoice.
	6	Returned $13,600 ($17,000 list price less trade discount of 20%) of merchandise purchased on November 3 from Moonlight Co.
	8	Sold merchandise on account to Quinn Co., $16,100 with terms n/15. The cost of the merchandise sold was $9,440.
	13	Paid Moonlight Co. on account for purchase of November 3, less return of November 6.
	14	Sold merchandise on VISA, $226,120. The cost of the merchandise sold was $135,430.
	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., $60,700, terms 1/10, n/30. The cost of the merchandise sold was $33,120.
	28	Paid VISA service fee of $3,580.
	30	Paid Quinn Co. a cash refund of $6,420 for returned merchandise from sale of November 8. The cost of the returned merchandise was $3,010.

Required:

Journalize the transactions. Refer to the Chart of Accounts for exact wording of account titles.

Answer 1

ANSWER:-

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