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 $79,000, trade discount 25%, terms FOB destination, 2/10, n/30.

4. Sold merchandise for cash, $37,070. The cost of the goods sold was $22,470.

5. Purchased merchandise on account from Papoose Creek Co., $51,400, terms FOB shipping point, 2/10, n/30, with prepaid freight of $890 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., $14,750 with terms n/15. The cost of the merchandise sold was $8,870.

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

14. Sold merchandise on VISA, $222,570. The cost of the goods sold was $153,630.

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., $51,700, terms 1/10, n/30. The cost of the goods sold was $33,260.

28. Paid VISA service fee of $3,300.

30. Paid Quinn Co. a cash refund of $6,480 for returned merchandise from sale of November 8. The cost of the returned merchandise was $3,210.

do a journal entry

Answer 1