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 $93,000, trade discount 30 , terms FOB destination, 2 10, n 30 4 Sold merchandise for cash, $35,670 The cost of the goods sold was $20,980 5 Purchased merchandise on account from Papoose Creek Co , $49,150, terms FOB shipping point, 2 10, n 30, with prepaid freight of $760 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 8 Sold merchandise on account to Quinn Co , $14,540 with terms n 15 The cost of the merchandise sold was $9,420 13 Paid Moonlight Co on account for purchase of November 3, less return of November 6 14 Sold merchandise on VISA, $232,540 The cost of the goods sold was $134,710 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 , $58,300, terms 1 10, n 30 The cost of the goods sold was $31,570 28 Paid VISA service fee of $3,530 30 Paid Quinn Co a cash refund of $5,880 for returned merchandise from sale of November 8 The cost of the returned merchandise was $3,130 Required Journalize the transactions Nov 3 fill in the blank 2 fill in the blank 4 Nov 4 sale fill in the blank 6 fill in the blank 8 Nov 4 cost fill in the blank 10 fill in the blank 12 Nov 5 fill in the blank 14 fill in the blank 16 Nov 6 fill in the blank 18 fill in the blank 20 Nov 8 fill in the blank 22 fill in the blank 24 Nov 8 fill in the blank 26 fill in the blank 28 Nov 13 fill in the blank 30 fill in the blank 32 Nov 14 sale fill in the blank 34 fill in the blank 36 Nov 14 cost fill in the blank 38 fill in the blank 40 Nov 15 fill in the blank 42 fill in the blank 44 Nov 23 fill in the blank 46 fill in the blank 48 Nov 24 sale fill in the blank 50 fill in the blank 52 Nov 24 cost fill in the blank 54 fill in the blank 56 Nov 28 fill in the blank 58 fill in the blank 60 Nov 30 refund fill in the blank 62 fill in the blank 64 Nov 30 cost fill in the blank 66

The Answer is in the image, click to view ...

Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Sep 17, 2024

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 $93,000, trade discount 30%, terms FOB destination, 2/10, n/30.
4.	Sold merchandise for cash, $35,670. The cost of the goods sold was $20,980.
5.	Purchased merchandise on account from Papoose Creek Co., $49,150, terms FOB shipping point, 2/10, n/30, with prepaid freight of $760 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.
8.	Sold merchandise on account to Quinn Co., $14,540 with terms n/15. The cost of the merchandise sold was $9,420.
13.	Paid Moonlight Co. on account for purchase of November 3, less return of November 6.
14.	Sold merchandise on VISA, $232,540. The cost of the goods sold was $134,710.
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., $58,300, terms 1/10, n/30. The cost of the goods sold was $31,570.
28.	Paid VISA service fee of $3,530.
30.	Paid Quinn Co. a cash refund of $5,880 for returned merchandise from sale of November 8. The cost of the returned merchandise was $3,130.

Required:

Journalize the transactions.