The following were selected from among the transactions completed by Babcock Com

Question

The following were selected from among the transactions completed by Babcock Company during November of the current year:

Journalize the transactions. Refer to the Chart of Accounts for exact wording of account titles. (ONLY 34 SPACES PLEASE)!!!!!!!!!!

Nov. 3 Purchased merchandise on account from Moonlight Co., list price $88,000, trade discount 20%, terms FOB destination, 2/10, n/30. 4 Sold merchandise for cash, $41,250. The cost of the merchandise sold was $22,250. 5 Purchased merchandise on account from Papoose Creek Co., $43,700, terms FOB shipping point, 2/10, n/30, with prepaid freight of $840 added to the invoice. 6 Returned $13,600 ($17,000 list price less trade discount of 20%) of merchandise purchased on November 3 from Moonlight Co. 8 Sold merchandise on account to Quinn Co., $16,100 with terms n/15. The cost of the merchandise sold was $9,440. 13 Paid Moonlight Co. on account for purchase of November 3, less return of November 6. 14 Sold merchandise on VISA, $226,120. The cost of the merchandise sold was $135,430. 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., $60,700, terms 1/10, n/30. The cost of the merchandise sold was $33,120. 28 Paid VISA service fee of $3,580. 30 Paid Quinn Co. a cash refund of $6,420 for returned merchandise from sale of November 8. The cost of the returned merchandise was $3,010. Journal Journalize the transactions. Refer to the Chart of Accounts for exact wording of account titles. PAGE 10 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION DEBIT CREDIT ASSETS LIABILITIES EQUITY

Explanation / Answer

JOURNAL ACCOUNTING EQUATION Date Description Post.Ref Debit Credit ASSETS LIABILITIES EQUITY 1 3-Nov Merchandise Inventory 70400 $70,400 $70,400 To Accounts Payable- Moonlight Co 70400 2 4-Nov Cash $41,250 $41,250 $41,250 To Income Summary $41,250 2 4-Nov Income Summary $22,250 ($22,250) ($22,250) To Merchandise Inventory $22,250 3 5-Nov Merchandise Inventory $44,540 $44,540 $44,540 To Accounts Payable-Papoose Creek Co $44,540 4 6-Nov Accounts Payable - Moonlight Co $13,600 ($13,600) ($13,600) To Merchandise Inventory $13,600 5 8-Nov Accounts Receivable - Quinn Co $16,100 $16,100 $16,100 To Income Summary $16,100 5 8-Nov Income Summary $9,440 ($9,440) ($9,440) To Merchandise Inventory $9,440 6 13-Nov Accounts Payable-Moonlight Co 56800 ($56,800) ($56,800) To Cash 55664 To Merchandise Inventory 1136 (70400-13600)*2% 7 14-Nov Cash $226,120 $226,120 $226,120 To Income Summary $226,120 7 14-Nov Income Summary $135,430 ($135,430) ($135,430) To Merchandise Inventory $135,430 8 15-Nov Accounts Payable-Papoose Creek Co $44,540 ($44,540) ($44,540) To Cash $43,649 To Merchandise Inventory $891 9 23-Nov Cash $16,100 $16,100 To Accounts Receivable-Quinn Co $16,100 ($16,100) 10 24-Nov Accounts Receivable - Rabel Co $60,700 $60,700 $60,700 To Income Summary $60,700 10 24-Nov Income Summary $33,120 ($33,120) ($33,120) To Merchandise Inventory $33,120 11 28-Nov Income Summary $3,580 ($3,580) ($3,580) To Cash $3,580 12 30-Nov Merchandise Inventory $3,010 $3,010 $3,010 To Income Summary $3,010 12 30-Nov Income Summary $6,420 ($6,420) ($6,420) To Accounts Receivable - Quinn Co $6,420

Related Questions

Navigate

• Browse (All)
• Browse T
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.