PLEASE DONT DO UNLESS YOU CAN FIGURE OUT BOTH QUESTIONS
2.
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 $82,000, trade discount 30%, terms FOB destination, 2/10, 1/30 4. Sold merchandise for cash, $35,480. The cost of the goods sold was $21,420. 5. Purchased merchandise on account from Papoose Creek Co., 547,000, terms Foo shipping point, 2/10, 1/30, with prepaid freight of $810 added to the invoice 6. Returned $12,600 ($18,000 list price less trade discount of 30%) of merchandise purchased on November 3 from Moonlight Co. 8. Sold merchandise on account to Quinn Co., $15,040 with terms /15. The cost of the merchandise sold was 9.790. 13. Pald Moonlight Co. on account for purchase of November 3, less return of November 14. Sold merchandise on VISA, 5221,170. The cost of the goods sold was $140,960 15. Pald 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., $60,000, terms 1/10, 1/30. The cost of the goods sold was $34,790 28. Paid VISA service fee of $3,360 30. Pald Quinn Co. a cash refund of $6,340 for returned merchandise from sale of November 8. The cost of the returned merchandise was $1,610. Required: Journalize the transactions Nov 3 Inventory v 5.740 x Accounts Payable-Moonlight Cov 3.710 x Nov. 4-sale Cash Sales ournalize the transactions. Nov. 3 Inventory v 5,740 X Accounts Payable-Moonlight Co. 5,740 x Nov. 4-sale Cash Sales Nov. 4-cost Cost of Goods Sold 21,420 Inventory 21,420 Nov. 5 Inventory Accounts Payable-Papoose Creek Co. NOV. 6 Accounts Payable-Moonlight Co. Inventory NOV.8 Accounts Receivable-Quinn Co. Sales NO. 8 Cost of Goods Sold Inventory Nov. 8 Accounts Recelvable-Quinn Co. Sales Nov. 8 Cost of Goods Sold Inventory v Nov. 13 Accounts Payable-Moonlight Co. V Cash Nov. 14-sale Cash 0000001 Sales OOO O O O O COV. 14-cost Cost of Goods Sold Inventory NOV 15 Accounts Payable-Papoose Creek Co. v Cash NOV 23 Cash Accounts Receivable Quinn Com NOV 24 sale Accounts Receivable Rabel Cou S. Nov. 15 Accounts Payable-Papoose Creek Co. Cash Nov. 23 Cash Accounts Receivable-Quinn Co. Nov. 24-sale Accounts Receivable-Rabel Co. v Sales Nov. 24-cost Cost of Goods Sold Inventory 1 1 0 0 0 0 0000000 Credit Card Expense v Nov. 28 Cash Nov. 30-refund Customers Refunds Payable v Cash NOV. 30-cost Inventory Estimated Returns Inventory DATE DESCRIPTION POST. REF CREDIT ASSETS LLABILITIES Dec. 31 Inventory DENT 6,100.00 1 Accounts Payable Schell Co. 6,100.00 1 Dec 31 Accounts Payable-Schell Co 42,273,00 ! Cash 42,273.00 1 y 42,275.00 1 42,273.00 Dec 31 Inventory Accounts Payable-Schell Co. Dec 31 Inventory Accounts Payable-Schell Co. 6,100.00 1 6,100.00 Dec. 31 Cash 42,273.00 + Accounts Payable-Schell Co. 42,273.00 Joumalize entries for the following related transactions of Lilly Heating & Air Company. Refer to the Chart of Accounts for exact wording of account titles. A. Purchased $42,700 of merchandise from Schell Co. on account, terms 1/10,n/30. B. Paid the amount owed on the invoice within the discount period. C. Discovered that $8,000 of the merchandise purchased in (A) was defective and returned items, receiving credit. D. Purchased $6,100 of merchandise from Schell Co. on account, terms n/30. E. Received a refund from Schell Co. for return in (C) less the purchase in (D)
