Question

Instructions 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 $85,000, trade discount 25%, terms FOB destination, 2/10, n/30 4 Sold merchandise for cash, $37,680. The cost of the goods sold was $22,600. 5 Purchased merchandise on account from Papoose Creek Co., $47,500, terms FOB shipping point. 2/10, n/30, with prepaid freight of $810 added to the invoice. 6 Returned merchandise with an invoice amount of $13,500 ($18,000 list price less trade discount of 25%) purchased on November 3 from Moonlight Co. 8 Sold merchandise on account to Quinn Co., $15,600 with terms n/15. The cost of the goods sold was $9,400. 13 Paid Moonlight Co. on account for purchase of November 3, less return of November 6. 14 Sold merchandise with a list price of $236,000 to customers who used VISA and who redeemed $8,000 of pointof-sale coupons. The cost of the goods sold was $140,000. 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., $56,900, terms n/30. The cost of the goods sold was $34,000.

          Instructions
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 $85,000, trade discount 25%, terms
FOB destination, 2/10, n/30
4 Sold merchandise for cash, $37,680. The cost of the goods sold was $22,600.
5 Purchased merchandise on account from Papoose Creek Co., $47,500, terms FOB shipping point.
2/10, n/30, with prepaid freight of $810 added to the invoice.
6 Returned merchandise with an invoice amount of $13,500 ($18,000 list price less trade discount of
25%) purchased on November 3 from Moonlight Co.
8 Sold merchandise on account to Quinn Co., $15,600 with terms n/15. The cost of the goods sold was
$9,400.
13 Paid Moonlight Co. on account for purchase of November 3, less return of November 6.
14 Sold merchandise with a list price of $236,000 to customers who used VISA and who redeemed $8,000
of pointof-sale coupons. The cost of the goods sold was $140,000.
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., $56,900, terms n/30. The cost of the goods sold was
$34,000.

Instructions
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 85,000, trade discount 25%, terms
FOB destination, 2/10, n/30
4 Sold merchandise for cash,37,680. The cost of the goods sold was 22,600.
5 Purchased merchandise on account from Papoose Creek Co.,47,500, terms FOB shipping point.
2/10, n/30, with prepaid freight of 810 added to the invoice.
6 Returned merchandise with an invoice amount of13,500 (18,000 list price less trade discount of
25%) purchased on November 3 from Moonlight Co.
8 Sold merchandise on account to Quinn Co.,15,600 with terms n/15. The cost of the goods sold was
9,400.
13 Paid Moonlight Co. on account for purchase of November 3, less return of November 6.
14 Sold merchandise with a list price of236,000 to customers who used VISA and who redeemed 8,000
of pointof-sale coupons. The cost of the goods sold was140,000.
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., 56,900, terms n/30. The cost of the goods sold was34,000.

Added by David G.

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