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I only have two hours for this HW question. If an expert can answer it within this time i would greatly appreciate it! Sales-Related and
I only have two hours for this HW question. If an expert can answer it within this time i would greatly appreciate it!
Sales-Related and Purchase-Related Transactions Using Perpetual Inventory System 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, $38,920. The cost of the goods sold was $23,210. 5. Purchased merchandise on account from Papoose Creek Co., $46,050, terms FOB shipping point, 2/10, n/30, with prepaid freight of $830 added to the invoice. 6. Returned $11,900 ($17,000 list price less trade discount of 30%) of merchandise purchased on November 3 from Moonlight Co. the merchandise sold was $9,540 8. Sold merchandise on account to Quinn Co., $16,780 with terms n/15. The cost 13. Paid Moonlight Co. on account for purchase of November 3, less return of November 6 14. Sold merchandise on VISA, $229,770. The cost of the goods sold was $143,480 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., $59,500, terms 1/10, n/30. The cost of the goods sold wass $33,690. 28. Paid VISA service fee of $3,390. 30. Paid Quinn Co, a cash refund of $5.990 for returned merchandise from sale of November 8. The cost of the returned merchandise was $3,220 Required: Journalize the transactions. Nov. 3 Nov. 4-sale Nov. 4-cost Nov. 5 Nov. 6 Nov. 8 Nov.8 Nov. 13 Nov. 14-sale Nov. 14-cost Nov. 15 Nov. 23 Nov. 24-sale Nov. 24-cost Nov. 28 Nov. 30-refund Nov. 30-costStep by Step Solution
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