The following were selected from among the transactions completed by Babcock Com

Question

The following were selected from among the transactions completed by Babcock Company during November of the current year:

Journalize the transactions. Refer to the chart of accounts for exact wording of account titles

*Chart of accounts*
Babcock Company
General Ledger

Journalize the transactions.

Thank you.

Instructions 3 Purchased merchandise on account trom Moonight Co list prce s93 0 0 trade discount 25%, terms FOB destination, 2/10, n/30 4 Sold merchandise for cash, S34,100. The cost of the merchandise sold was $22,080 5 Purchased merchandise on account from Papoose Creek Co. 543.650, terms FOB shipping point. 2/10, nv30 with prepaid treight of $750 added to the invoice Returned St 5.000 (S20000 list pnce less trade discount of 25%) of merchandise purchased on November 3 from Moonight Co. Sod merchandise on account 10 Quinn Co. was $8,940 6 S15270 with lerms n15 The cost of I he merchandise sold 13 Paid Moonlight Co. on account for purchase of November 3, less return of November 6. 14 Sold merchandise on VISA $229890. The cost of the merchandise sold was S153,500 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 Pakd VISA service fee of S3,410. 28 30 Paid Quinn Co. a cash refund of S5,610 for returned merchandise trom sale of November 8. The cost of the returned merchandise was S3.180

Explanation / Answer

Journal Entry Date Description Debit Credit 03-Nov Merchandise Inventory- $69,750.00    Account Payable- Moon Light Co. $69,750.00 ($93000-($935000*25%) To Record Merchandise Purchase 04-Nov Cash $34,100.00 Sales $34,100.00 To Record Mechandise Sold Cost of Merchandise Sold $22,080.00 Merchandise Inventory $22,080.00 To record for Adjustment in Inventory 05-Nov Merchandise Inventory $44,400.00 Account Payable-Papoose Creek Co. $44,400.00 To Record Merchandise purchase and Fright cost 06-Nov Account Payable- Moon Light Co. $15,000.00 Merchandise Inventory $15,000.00 To Record Merchandise returned 08-Nov Account receivable -Quinn Co. $15,270.00 Sales $15,270.00 To Record Mechandise Sold Cost of Merchandise Sold $8,940.00 Merchandise Inventory $9,400.00 To record for Adjustment in Inventory 13-Nov Account payable- Moonlight Co. $54,750.00 Cash $53,655.00 Merchandise Inventory $1,095.00 TO Record Payment made after adjustment of 2%Discount 14-Nov Cash $229,890.00 Sales $229,890.00 To Record Mechandise Sold Cost of Merchandise Sold $153,500.00 Merchandise Inventory $153,500.00 To record for Adjustment in Inventory 15-Nov Account Payble-Papoose Creek Co. $44,400.00 Cash $43,512.00 Merchandise Inventory $888.00 TO Record Payment made after adjustment of 2%Discount 23-Nov Cash $15,270.00 Account Receivable-Quinn Co. $15,270.00 To Record Amount received 24-Nov Account Receivable-Rabel Co. $51,300.00 Sales $51,300.00 To Record Mechandise Sold Cost of Merchandise Sold $33,280.00 Merchandise Inventory $33,280.00 To record for Adjustment in Inventory 28-Nov Credit Card Expense $3,410.00 Cash $3,410.00 To Record Visa Fees Paid 30-Nov Sales Return and Allowance $5,610.00 Account Receivable- Rabel Co. $5,610.00 To Record Sales Return Merchandise Inventory $3,180.00 Cost of Merchandise Sold $3,180.00 To Record return inventory in Stock

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