he following were selected from among the transactions completed by Babcock Company durng November of the cutrent year: Nov 3 Purchased merchandise on account from Moonight Co, list price $94,000, trade discount 25%, terms EOP dentination, 2/10,n30 4 . Sold merchandiso for cash, 537,230 . The cot or the opods sold was $22,500 5 Purchased metchandise on account from Papoose Creek Co, $48.450, terms Fog sthipoing. Roint. 2/10,n30, with prepaid freight of $800 added to the inveice 6. Returned merchandse whin an invice amount of $15,000 (\$20,000 int price lens trade discounted 25 w) purchased on November 3 from Moonlioht Co 3. Sold mefchandise on account to Ouinn Co, 515,010 with terms nits. The cost of the goods sokd was 510.020 13. Pala Mochligh Co on account for purchase of November 3 , less return of November. 6 14 Sold merchandise whth a list price of $239,690 to customers who used VISA and who redeemed $7,700 of pointot- sale coupons. The cost of the goods sold was $129,230 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, $54,200, terms n/30. The cost of the goods sold was 533,490 28. Paid Visa service tee of $3.220. 30 Paid Ouinn Co. a cash refund of $5,330 for returned merchandise from sale of Novemper 8 . The cost of the raturned merchandise was $3,590. 30 During Novamber, printed a coupon with each customer's sales receipt for $2 off the customer's next purchase of over $15 The coupons may be redeomed durne December of the totat of 21,000 coupons printed, it in estimated that 55% will be redeemed. 28 Paid VISA service fee of $3,220 30 Paid Quinn Co. a cash refund of $6,330 for returned merchandise from sale or November 8 . The cost of the returned merchandise was $3,580 30 During November, printed a coupon with each customer's sales receipt for $2 oft the customer's next purchase of over $15 The coupons may be redeemed during December. Of the total of 21,000 coupons printed, it is estimated that 55% will be redeemed. Required: 1. Joumalize the November transactions 2. Assume that as of December 31,10,400 of the $2-off coupans issued during November had been redeemed by customers. Joumalize the erity for the remaining unredoemed coupans. he following were selected from among the transactions completed by Babcock Company durng November of the cutrent year: Nov 3 Purchased merchandise on account from Moonight Co, list price $94,000, trade discount 25%, terms EOP dentination, 2/10,n30 4 . Sold merchandiso for cash, 537,230 . The cot or the opods sold was $22,500 5 Purchased metchandise on account from Papoose Creek Co, $48.450, terms Fog sthipoing. Roint. 2/10,n30, with prepaid freight of $800 added to the inveice 6. Returned merchandse whin an invice amount of $15,000 (\$20,000 int price lens trade discounted 25 w) purchased on November 3 from Moonlioht Co 3. Sold mefchandise on account to Ouinn Co, 515,010 with terms nits. The cost of the goods sokd was 510.020 13. Pala Mochligh Co on account for purchase of November 3 , less return of November. 6 14 Sold merchandise whth a list price of $239,690 to customers who used VISA and who redeemed $7,700 of pointot- sale coupons. The cost of the goods sold was $129,230 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, $54,200, terms n/30. The cost of the goods sold was 533,490 28. Paid Visa service tee of $3.220. 30 Paid Ouinn Co. a cash refund of $5,330 for returned merchandise from sale of Novemper 8 . The cost of the raturned merchandise was $3,590. 30 During Novamber, printed a coupon with each customer's sales receipt for $2 off the customer's next purchase of over $15 The coupons may be redeomed durne December of the totat of 21,000 coupons printed, it in estimated that 55% will be redeemed. 28 Paid VISA service fee of $3,220 30 Paid Quinn Co. a cash refund of $6,330 for returned merchandise from sale or November 8 . The cost of the returned merchandise was $3,580 30 During November, printed a coupon with each customer's sales receipt for $2 oft the customer's next purchase of over $15 The coupons may be redeemed during December. Of the total of 21,000 coupons printed, it is estimated that 55% will be redeemed. Required: 1. Joumalize the November transactions 2. Assume that as of December 31,10,400 of the $2-off coupans issued during November had been redeemed by customers. Joumalize the erity for the remaining unredoemed coupans
