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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The 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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