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Category > Accounting Posted 20 Aug 2017 My Price 13.00

Babcock Company

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 $85,000, trade discount 25%, terms FOB destination, 2/10, n/30.

4.     Sold merchandise for cash, $37,680. The cost of the merchandise sold was $22,600.

5.     Purchased merchandise on account from Papoose Creek Co., $47,500, terms FOB shipping point, 2/10, n/30, with prepaid freight of $810 added to the invoice.

6.     Returned $13,500 ($18,000 list price less trade discount of 25%) of merchandise purchased on November 3 from Moonlight Co.

8. Sold merchandise on account to Quinn Co., $15,600 with terms n/15. The cost of the merchandise sold was $9,400.

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

14.     Sold merchandise on VISA, $236,000. The cost of the merchandise sold was $140,000.

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., $56,900, terms 1/10, n/30. The cost of the merchandise sold was $34,000.

28.   Paid VISA service fee of  $3,540.

30. Paid Quinn Co. a cash refund of $6,000 for returned merchandise from sale of November 8. The cost of the returned merchandise was $3,300.

Instructions

Journalize the transactions.

Answers

Maurice Tutor
(5)
Status NEW Posted 20 Aug 2017 06:08 PM My Price 13.00

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