Chapter 6 HW: 3

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 $92,000, trade discount 30%, terms FOB destination, 2/10, n/30.
4.	Sold merchandise for cash, $34,120. The cost of the goods sold was $21,850.
5.	Purchased merchandise on account from Papoose Creek Co., $52,250, terms FOB shipping point, 2/10, n/30, with prepaid freight of $760 added to the invoice.
6.	Returned $11,200 ($16,000 list price less trade discount of 30%) of merchandise purchased on November 3 from Moonlight Co.
8.	Sold merchandise on account to Quinn Co., $14,420 with terms n/15. The cost of the merchandise sold was $10,190.
13.	Paid Moonlight Co. on account for purchase of November 3, less return of November 6.
14.	Sold merchandise on VISA, $249,240. The cost of the goods sold was $150,940.
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., $59,100, terms 1/10, n/30. The cost of the goods sold was $31,660.
28.	Paid VISA service fee of $3,740.
30.	Paid Quinn Co. a cash refund of $5,900 for returned merchandise from sale of November 8. The cost of the returned merchandise was $3,250.

Required:

Journalize the transactions.

Nov. 3 Nov. 4-sale Nov. 4-cost Nov. 5 Nov. 6 11 Nov. 8 Nov. 8 Nov. 13 Nov. 14-sale Nov. 14-cost Nov. 15 Nov. 23 Nov. 24-sale Nov. 24-cost 1 Nov. 28 Nov. 30-refund - o Nov. 30-cost