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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
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 25%, terms FOB destination, 2/10, n/30. |
4. | Sold merchandise for cash, $40,180. The cost of the goods sold was $22,910. |
5. | Purchased merchandise on account from Papoose Creek Co., $50,750, terms FOB shipping point, 2/10, n/30, with prepaid freight of $800 added to the invoice. |
6. | Returned $15,000 ($20,000 list price less trade discount of 25%) of merchandise purchased on November 3 from Moonlight Co. |
8. | Sold merchandise on account to Quinn Co., $16,430 with terms n/15. The cost of the merchandise sold was $9,180. |
13. | Paid Moonlight Co. on account for purchase of November 3, less return of November 6. |
14. | Sold merchandise on VISA, $248,350. The cost of the goods sold was $143,390. |
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., $55,300, terms 1/10, n/30. The cost of the goods sold was $30,870. |
28. | Paid VISA service fee of $3,260. |
30. | Paid Quinn Co. a cash refund of $5,750 for returned merchandise from sale of November 8. The cost of the returned merchandise was $3,000. |
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-cost | |||
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