Selected transactions for Babcock Company during November of the current year are listed in Problem 5-3A.
In Problem 5-3A
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 entries to record the transactions of Babcock Company for November using the periodic inventory system.