Reference no: EM132686508
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 $93,000, trade discount 30%, terms FOB destination, 2/10, n/30.
Nov. 4
Sold merchandise for cash, $35,370. The cost of the merchandise sold was $23,670.
Nov. 5
Purchased merchandise on account from Papoose Creek Co., $44,400, terms FOB shipping point, 2/10, n/30, with prepaid freight of $810 added to the invoice.
Nov. 6
Returned $13,300 ($19,000 list price less trade discount of 30%) of merchandise purchased on November 3 from Moonlight Co.
Nov. 8
Sold merchandise on account to Quinn Co., $17,080 with terms n/15. The cost of the merchandise sold was $10,010.
Nov. 13
Paid Moonlight Co. on account for purchase of November 3, less return of November 6.
Nov. 14
Sold merchandise on VISA, $246,980. The cost of the merchandise sold was $152,530.
Nov. 15
Paid Papoose Creek Co. on account for purchase of November 5.
Nov. 23
Received cash on account from sale of November 8 to Quinn Co.
Nov. 24
Sold merchandise on account to Rabel Co., $52,400, terms 1/10, n/30. The cost of the merchandise sold was $31,410.
Nov. 28
Paid VISA service fee of $3,220.
Nov. 30
Paid Quinn Co. a cash refund of $6,020 for returned merchandise from sale of November 8. The cost of the returned merchandise was $3,390.
Required:
Problem 1: Journalize the transactions. Refer to the Chart of Accounts for exact wording of account titles.
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