Question

Help solving Cengage Accounting I exercise

eBook Show Me How Calculator Print Item Sales-related and purchase related transactions using perpetual inventory system Chart of Accounts Journal Instructions The following were selected from among the transactions completed by Babcock Company during November of the current year Nov. 3 4 6 8 Purchased merchandise on account from Moonlight Co., list price $88,000, trade discount 20%, terms FOB destination, 2/10, 1/30 Sold merchandise for cash, 541,250. The cost of the merchandise sold was $22.250. Purchased merchandise on account from Papoose Creek Co., 543,700, terms FOB shipping point, 2/10, n/30, with prepaid freight of $840 added to the invoice Returned $13,600 ($17.000 list price less trade discount of 20%) of merchandise purchased on November 3 from Moonlight Co. Sold merchandise on account to Quinn Co.. 16.100 with terms /15. The cost of the merchandise sold was $9.440 Paid Moonlight Co on account for purchase of November 3, less return of November 6. Sold merchandise on VISA, $226, 120. The cost of the merchandise sold was $135.430 Paid Papoose Creek Co. on account for purchase of November 5 Received cash on account from sale of November 8 to Quinn Co. Sold merchandise on account to Rabel Co., 560700terms 1/10,n/30. The cost of the merchandise sold was $33.120 13 14 15 23 Previous pre Check My Work uses remaining

Answer 1

JOURNAL						ACCOUNTING EQUATION
	Date	DESCRIPTION	POST.REF	DEBIT	CREDIT	ASSETS	LIABILITIES	EQUITY
1	Nov. 3	Merchandise Inventory (88000*80%)	130	$     70,400		$             70,400
2	Nov. 3	Accounts payable-Moonlight Co.	211		$     70,400		$          (70,400)
3	Nov. 4	Cash	110	$     41,250		$             41,250
4	Nov. 4	Sales	410		$     41,250			$    (41,250)
5	Nov. 4	Cost of Merchandise sold	510	$     22,250				$       22,250
6	Nov. 4	Merchandise Inventory	130		$     22,250	$          (22,250)
7	Nov. 5	Merchandise Inventory	130	$     44,540		$             44,540
8	Nov. 5	Accounts payable-Papoose Creek Co.	211		$     43,700		$          (43,700)
9	Nov. 5	Cash	110		$           840	$                (840)
10	Nov. 6	Accounts payable-Moonlight Co.	212	$     13,600			$             13,600
11	Nov. 6	Merchandise Inventory	130		$     13,600	$          (13,600)
12	Nov. 8	Accounts receivable-Quinn Co.	121	$     16,100		$             16,100
13	Nov. 8	Sales	410		$     16,100			$    (16,100)
14	Nov. 8	Cost of Merchandise sold	510	$        9,440				$         9,440
15	Nov. 8	Merchandise Inventory	130		$        9,440	$             (9,440)
16	Nov. 13	Accounts payable-Moonlight Co.	211	$     56,800			$             56,800
17	Nov. 13	Cash	110		$     55,664	$          (55,664)
18	Nov. 13	Cost of Merchandise sold	510		$        1,136			$       (1,136)
19	Nov. 14	Cash		$ 2,26,120		$         2,26,120
20	Nov. 14	Sales	410		$ 2,26,120			$ (2,26,120)
21	Nov. 14	Cost of Merchandise sold	510	$ 1,35,430				$   1,35,430
22	Nov. 14	Merchandise Inventory	130		$ 1,35,430	$       (1,35,430)
23	Nov. 15	Accounts payable-Papoose Creek Co.	211	$     43,700				$       43,700
24	Nov. 15	Cash	110		$     43,700	$          (43,700)
25	Nov. 23	Cash	110	$     16,100		$             16,100
26	Nov. 23	Accounts receivable-Quinn Co.	121		$     16,100	$          (16,100)
27	Nov. 24	Accounts receivable-Rebel Co.	122	$     60,700		$             60,700
28	Nov. 24	Sales	410		$     60,700			$    (60,700)
29	Nov. 24	Cost of Merchandise sold	510	$     33,120				$       33,120
30	Nov. 24	Merchandise Inventory	130		$     33,120	$          (33,120)
31	Nov. 28	Credit card expenses	536	$        3,580				$         3,580
32	Nov. 28	Cash	110		$        3,580	$             (3,580)
33	Nov. 30	Sales	410	$        6,420				$         6,420
34	Nov. 30	Customers Refunds payable	219		$        6,420		$             (6,420)
35	Nov. 30	Customers Refunds payable	219	$        6,420			$               6,420
36	Nov. 30	Cash	110		$        6,420	$             (6,420)
37	Nov. 30	Merchandise Inventory	130	$        3,010		$               3,010
38	Nov. 30	Cost of Merchandise sold	510		$        3,010			$       (3,010)
						$         1,38,076	$          (43,700)	$    (94,376)