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File Edit View History Bookmarks Window Help ? v2.cengagenow.com Pr Show Me How Calculator eBook xercises & Problems les-related and purchase-related transactions using perpetual inventory system Chart of Accounts Journal The tollowing were selected from among the transactions completed by Babcock Company during November of the current year merchandise on account from Moonlight Co., list price S93.000, trade discount 25%, terms FOB destination, 2/10, n/30. Sold merchandise for cash, $34,100. The cost of the merchandise sold was $22.080. Purchased merchandise on account from Papoose Creek Co., $43,650, terms FOB shipping point, 2/10, n/30, with prepaid freight of $750 added to the invoice. 4 5 Returned S1 5,000 ($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, $15,270 with terms n/15. The cost of the merchandise sold was $8,940 13 Paid Moonlight Co. on account for purchase of Novernber 3, less return of November 6. 14 Sold merchandise on VISA, $229,890. The cost of the merchandise sold was $153,500. 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 Soid merchandise on account to Rabel Co, $51,300, terms 1/10, n/30. The cost of the merchandise Check 2 more Chock My Work uses remaining ignment Score: 00% All work saved. 13

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Date Description Post Ref. Debit Credit 11/3 Merchandise Inventory ($93000 x (1- 25%) 130.00 $69,750.00 Accounts Payable-Moonlight Co. 211.00 $69,750.00 11/4 Cash 110.00 $34,100.00 Sales 410.00 $34,100.00 11/4 Cost of Merchandise Sold 510.00 $22,080.00 Merchandise Inventory 130.00 $22,080.00 11/5 Merchandise Inventory 130.00 $42,900.00 Accounts Payable-Papoose Creek Co 212.00 $42,900.00 11/6 Accounts Payable-Moonlight Co 211.00 $15,000.00 Merchandise Inventory 130.00 $15,000.00 11/8 Accounts Receivable-Quinn Co 121.00 $15,270.00 Sales 410.00 $15,270.00 11/8 Cost of Merchandise Sold 510 $8,940.00 Merchandise Inventory 130.00 $8,940.00 11/13 Accounts Payable-Moonlight Co 211.00 $54,750.00 Cash 110.00 $53,655.00 Merchandise Inventory ($54750 x 2%) 130.00 $1,095.00 11/14 Cash 110.00 $229,890.00 Sales 410.00 $229,890.00 11/14 Cost of Merchandise Sold 510.00 $153,500.00 Merchandise Inventory 130.00 $153,500.00 11/15 Accounts Payable-Papoose Creek Co 212.00 $42,900.00 Cash 110.00 $42,042.00 Merchandise Inventory 130.00 $858.00 11/23 Cash 110.00 $15,117.30 Sales Discounts ($15,270 x 1%) $152.70 Accounts Receivable-Quinn Co 121.00 $15,270.00 11/24 Accounts Receivable-Rabel Co 122.00 $51,300.00 Sales 410.00 $51,300.00 11/24 Cost of Merchandise Sold 510 Amount is not Visible Merchandise Inventory 130.00 11/28 Credit Card Expense 536.00 $3,410.00 Cash 110.00 $3,410.00 11/30 Sales Returns and Allowances $5,610.00 Accounts Receivable-Quinn Co 121.00 $5,610.00 11/30 Merchandise Inventory 130.00 $3,180.00 Cost of Merchandise Sold 510.00 $3,180.00