Selected transactions for Babcock Company during November of the current year are listed in Problem 6-3A.
Instructions
Journalize the entries to record the transactions of Babcock Company for November using the periodic inventory system.
Answer:
Nov. 3 Purchases63,750
Accounts Payable—Moonlight Co.63,750
[$85,000 – ($85,000 × 25%)]
4 Cash37,680
Sales37,680
5 Purchases47,500
Freight In810
Accounts Payable—Papoose Creek Co. 48,310
6 Accounts Payable—Moonlight Co. 13,500
Purchases Returns and Allowances13,500
8 Accounts Receivable—Quinn Co. 15,600
Sales15,600
13 Accounts Payable—Moonlight Co. 50,250
Cash49,245
Purchases Discounts1,005
14 Cash236,000
Sales236,000
15 Accounts Payable—Papoose Creek Co. 48,310
Cash47,360
Purchases Discounts950
23 Cash15,600
Accounts Receivable—Quinn Co.15,600
24 Accounts Receivable—Rabel Co. 56,331
Sales56,331
[$56,900 – ($56,900 × 1%)]
28 Credit Card Expense3,540
Cash3,540
30 Customer Refunds Payable 6,000
Cash6,000