The following were selected from among the transactions completed by Babcock Company during November of the current year. Babcock uses the net method under a perpetual inventory system. Nov. 3 Purchased merchandise on account from Moonlight Co., list price $93,000, trade discount 25%, terms FOB destination, 2/10, n/30. 4 Sold merchandise for cash, $34,100. The cost of the goods sold was $22,080. 5 Purchased merchandise on account from Papoose Creek Co., $43,650, terms FOB shipping point, 2/10, n/30, with prepaid freight of $750 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., S15,270 with terms n/15. The cost of the goods sold was $8,940. 13 Paid Moonlight Co. on account for purchase of November 3, less return of November 6. 14 Sold merchandise on VISA, $229,890. The cost of the goods sold was $153,500. 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 goods sold was $33,280. 28 Paid VISA service fee of $3,410. 30 Paid Quinn Co. a cash refund of $5,610 for returned merchandise from sale of November 8. The cost of the returned merchandise was $3,180. Journalize the transactions. Refer to the Chart of Accounts for exact wording of account titles.
The following were selected from among the transactions completed by Babcock Company during November of the current year. Babcock uses the net method under a perpetual inventory system. Nov. 3 Purchased merchandise on account from Moonlight Co., list price $93,000, trade discount 25%, terms FOB destination, 2/10, n/30. 4 Sold merchandise for cash, $34,100. The cost of the goods sold was $22,080. 5 Purchased merchandise on account from Papoose Creek Co., $43,650, terms FOB shipping point, 2/10, n/30, with prepaid freight of $750 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., S15,270 with terms n/15. The cost of the goods sold was $8,940. 13 Paid Moonlight Co. on account for purchase of November 3, less return of November 6. 14 Sold merchandise on VISA, $229,890. The cost of the goods sold was $153,500. 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 goods sold was $33,280. 28 Paid VISA service fee of $3,410. 30 Paid Quinn Co. a cash refund of $5,610 for returned merchandise from sale of November 8. The cost of the returned merchandise was $3,180. Journalize the transactions. Refer to the Chart of Accounts for exact wording of account titles.
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter9: Sales And Purchases
Section: Chapter Questions
Problem 7E: Record the following transactions for a perpetual inventory system in general journal form. a. Sold...
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Journalize the transactions. Refer to the Chart of Accounts for exact wording of account titles.
PAGE 10
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