Sales-Related and Purchase-Related Transactions Using Perpetual Inventory System
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 $87,000, trade discount 25%, terms FOB destination, 2/10, n/30. |
| 4. | Sold merchandise for cash, $37,550. The cost of the goods sold was $23,530. |
| 5. | Purchased merchandise on account from Papoose Creek Co., $52,250, terms FOB shipping point, 2/10, n/30, with prepaid freight of $800 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., $14,360 with terms n/15. The cost of the merchandise sold was $9,210. |
| 13. | Paid Moonlight Co. on account for purchase of November 3, less return of November 6. |
| 14. | Sold merchandise on VISA, $223,080. The cost of the goods sold was $146,100. |
| 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., $61,400, terms 1/10, n/30. The cost of the goods sold was $34,150. |
| 28. | Paid VISA service fee of $3,760. |
| 30. | Paid Quinn Co. a cash refund of $5,600 for returned merchandise from sale of November 8. The cost of the returned merchandise was $3,180. |
Required:
Journalize the transactions.
| Nov. 3 | Merchandise Inventory | ||
| Accounts Payable-Moonlight Co. | |||
| Nov. 4-sale | Cash | ||
| Sales | |||
| Nov. 4-cost | Cost of Goods Sold | ||
| Merchandise Inventory | |||
| Nov. 5 | Merchandise Inventory | ||
| Accounts Payable-Papoose Creek Co. | |||
| Nov. 6 | Accounts Payable-Moonlight Co. | ||
| Merchandise Inventory | |||
| Nov. 8 | Accounts Receivable-Quinn Co. | ||
| Sales | |||
| Nov. 8 | Cost of Goods Sold | ||
| Merchandise Inventory | |||
| Nov. 13 | Accounts Payable-Moonlight Co. | ||
| Cash | |||
| Nov. 14-sale | Cash | ||
| Sales | |||
| Nov. 14-cost | Cost of Goods Sold | ||
| Merchandise Inventory | |||
| Nov. 15 | Accounts Payable-Papoose Creek Co. | ||
| Cash | |||
| Nov. 23 | Cash | ||
| Accounts Receivable-Quinn Co. | |||
| Nov. 24-sale | Accounts Receivable-Rabel Co. | ||
| Sales | |||
| Nov. 24-cost | Cost of Goods Sold | ||
| Merchandise Inventory | |||
| Nov. 28 | Credit Card Expense | ||
| Cash | |||
| Nov. 30-refund | Customers Refunds Payable | ||
| Cash | |||
| Nov. 30-cost | Merchandise Inventory | ||
| Sales |
In: Accounting
Sales-Related and Purchase-Related Transactions Using Perpetual Inventory System
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 30%, terms FOB destination, 2/10, n/30. |
| 4. | Sold merchandise for cash, $34,160. The cost of the goods sold was $20,380. |
| 5. | Purchased merchandise on account from Papoose Creek Co., $47,500, terms FOB shipping point, 2/10, n/30, with prepaid freight of $890 added to the invoice. |
| 6. | Returned $11,200 ($16,000 list price less trade discount of 30%) of merchandise purchased on November 3 from Moonlight Co. |
| 8. | Sold merchandise on account to Quinn Co., $15,330 with terms n/15. The cost of the merchandise sold was $8,890. |
| 13. | Paid Moonlight Co. on account for purchase of November 3, less return of November 6. |
| 14. | Sold merchandise on VISA, $226,690. The cost of the goods sold was $134,480. |
| 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., $58,800, terms 1/10, n/30. The cost of the goods sold was $31,420. |
| 28. | Paid VISA service fee of $3,800. |
| 30. | Paid Quinn Co. a cash refund of $5,740 for returned merchandise from sale of November 8. The cost of the returned merchandise was $3,280. |
Journalize these transactions
| Nov. 3 | Inventory | ||
| Accounts Payable-Moonlight Co. | |||
| Nov. 4-sale | Cash | ||
| Sales | |||
| Nov. 4-cost | Cost of Goods Sold | ||
| Inventory | |||
| Nov. 5 | Inventory | ||
| Accounts Payable-Papoose Creek Co. | |||
| Nov. 6 | Accounts Payable-Moonlight Co. | ||
| Inventory | |||
| Nov. 8 | Accounts Receivable-Quinn Co. | ||
| Sales | |||
| Nov. 8 | Cost of Goods Sold | ||
| Inventory | |||
| Nov. 13 | Accounts Payable-Moonlight Co. | ||
| Cash | |||
| Nov. 14-sale | Cash | ||
| Sales | |||
| Nov. 14-cost | Cost of Goods Sold | ||
| Inventory | |||
| Nov. 15 | Accounts Payable-Papoose Creek Co. | ||
| Cash | |||
| Nov. 23 | Cash | ||
| Accounts Receivable-Quinn Co. | |||
| Nov. 24-sale | Accounts Receivable-Rabel Co. | ||
| Sales | |||
| Nov. 24-cost | Cost of Goods Sold | ||
| Inventory | |||
| Nov. 28 |
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