The following were selected from among the transactions completed by Babcock Company during November of the current year. Babcock uses the net method under a perpetual inventory system. Nov.
3 Purchased merchandise on account from Moonlight Co., list price $89,000, trade discount 30%, terms FOB destination, 2/10, n/30.
4 Sold merchandise for cash, $38,210. The cost of the goods sold was $20,810.
5 Purchased merchandise on account from Papoose Creek Co., $51,550, terms FOB shipping point, 2/10, n/30, with prepaid freight of $730 added to the invoice.
6 Returned $14,000 ($20,000 list price less trade discount of 30%) of merchandise purchased on November 3 from Moonlight Co.
8 Sold merchandise on account to Quinn Co., $15,010 with terms n/15. The cost of the goods sold was $10,190.
13 Paid Moonlight Co. on account for purchase of November 3, less return of November 6.
14 Sold merchandise on VISA, $231,570. The cost of the goods sold was $142,060.
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., $54,800, terms 1/10, n/30. The cost of the goods sold was $33,850.
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 $3,140.

Required:
Journalize the transactions.

3 Purchased merchandise on account from Moonlight Co., list price $89,000, trade discount 30%, terms FOB destination, 2/10, n/30.

Dr Merchandise inventory 61,054

    Cr Accounts payable - Moonlight Co. 61,054

4 Sold merchandise for cash, $38,210. The cost of the goods sold was $20,810.

Dr Cash 38,210

    Cr Sales revenue 38,210

Dr Cost of goods sold 20,810

    Cr Merchandise inventory 20,810

5 Purchased merchandise on account from Papoose Creek Co., $51,550, terms FOB shipping point, 2/10, n/30, with prepaid freight of $730 added to the invoice.

Dr Merchandise inventory 50,533.60

    Cr Accounts payable - Papoose Creek 50,533.60

6 Returned $14,000 ($20,000 list price less trade discount of 30%) of merchandise purchased on November 3 from Moonlight Co.

Dr Accounts payable - Moonlight Co. 13,720

    Cr Merchandise inventory 13,720    

8 Sold merchandise on account to Quinn Co., $15,010 with terms n/15. The cost of the goods sold was $10,190.

Dr Accounts receivable - Quinn Co. 15,010

    Cr Sales revenue 15,010

Dr Cost of goods sold 10,190

    Cr Merchandise inventory 10,190

13 Paid Moonlight Co. on account for purchase of November 3, less return of November 6.

Dr Accounts payable - Moonlight Co. 47,334

    Cr Cash 47,334

14 Sold merchandise on VISA, $231,570. The cost of the goods sold was $142,060.

Dr Accounts receivable - VISA 231,570

    Cr Sales revenue 231,570

Dr Cost of goods sold 142,060

    Cr 142,060

15 Paid Papoose Creek Co. on account for purchase of November 5.

Dr Accounts payable - Papoose Creek 50,533.60

    Cr Cash 50,533.60

23 Received cash on account from sale of November 8 to Quinn Co.

Dr Cash 15,010

    Cr Accounts receivable - Quinn Co. 15,010

24 Sold merchandise on account to Rabel Co., $54,800, terms 1/10, n/30. The cost of the goods sold was $33,850.

Dr Accounts receivable - Rabel Co. 54,252

    Cr Sales revenue 54,252

Dr Cost of goods sold 33,850

    Cr Merchandise inventory 33,850

28 Paid VISA service fee of $3,580.

Dr Credit card expense 3,580

Dr Cash 227,990

    Cr Accounts receivable - VISA 231,570

When credit card payments are not immediate, you must first record an accounts receivable. The credit card expense fee must be recorded when the cash is deposited by the credit card company.

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 $3,140.

Dr Sales returns and allowances 6,420

    Cr Cash 6,420

Dr Merchandise inventory 3,140

    Cr Cost of goods sold 3,140

i would say their habit of breaking down.

these are the four factors that influence enterpreneurship development

1. economic development

2. culture

3.technological development

4. education