Question
instruction The following were selected from among the transactions completed by Babcock Company during November of the current year: Nov. 3 Purchased merchandise on
instruction 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 goods 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 8 133 14 Returned $13,500 ($18,000 list price less trade discount of 25%) of merchandise purchased on November 3 from Moonlight Co. Sold merchandise on account to Quinn Co., $15,600 with terms n/15. The cost of the goods sold was $9,400. Paid Moonlight Co. on account for purchase of November 3, less return of November 6. Sold merchandise on VISA, $236,000. The cost of the goods 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 24 28 30 Sold merchandise on account to Rabel Co., $56,900, terms 1/10, n/30. The cost of the goods sold was $34,000. Paid VISA service fee of $3,540. 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.
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