The following were selected from among the transactions completed by Babcock Company during...
Question:
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, $35,370. The cost of the goods sold was $23,670. |
| 5 | Purchased merchandise on account from Papoose Creek Co., $44,400, terms FOB shipping point 2/10, n/30, with prepaid freight of $810 added to the invoice |
| 6 | Returned $13,300 ($19,000 list price less trade discount of 30%) of merchandise purchased on November 3 from Moonlight Co |
| 8 | Sold merchandise on account to Quinn Co, $17,080 with terms n/15. The cost of the goods sold was $10,010 |
| 13 | Paid Moonlight Co on account for purchase of November 3, less return of November 6 |
| 14 | Sold merchandise on VISA, $246,980. The cost of the goods sold was $152,530 |
| 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., $52,400, terms 1/10, n/30. The cost of the goods sold was 31,410 |
| 28 | Paid VISA service fee of $3,220 |
| 30 | Paid Quinn Co. a cash refund of $6,020 for returned merchandise from sale of November 8. The cost of the returned merchandise was $3,390 |
Required:
Journalize the transactions.
Journal Entries:
Journal entries are considered a basic concept of accounting. With the understanding in accounting that everything must balance, when preparing journal entries the debits and credits must equal.
Answer and Explanation: 1
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View this answerThe following were selected from among the transactions completed by Babcock Company during November of the current year:
| Nov. 3 | Purchased... |
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Journal Entries and Trial Balance in Accounting
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Chapter 3 / Lesson 10
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Discover the meaning of a journal entry and a trial balance, types of journal entries, how a general ledger differs from a trial balance, and some examples.
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