Hi can you please help me fill out the journal im really confused to how it works and im not sure if im doing it right
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 merchandise 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 $13,500 ($18,000 list price less trade discount of 25%) of merchandise 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 merchandise sold was $9,400. 13 Paid Moonlight Co. on account for purchase of November 3, less return of November 6. 14 Sold merchandise on VISA, $236,000. The cost of the merchandise 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 1/10, n/30. The cost of the merchandise sold was $34,000. 28 Paid VISA service fee of $3,540. 30 Paid Quinn Co. a cash refund of $6,000 for returned merchandise from sale of November 8. The cost of the returned merchandise was $3,300. Required: Journalize the transactions. Refer to the Chart of Accounts for exact wording of account titles.Chart of Accounts CHART OF ACCOUNTS Babcock Company General Ledger ASSETS REVENUE 110 Cash 410 Sales 121 Accounts Receivable-Quinn Co. 610 Interest Revenue 122 Accounts Receivable-Rabel Co. 125 Notes Receivable EXPENSES 130 Merchandise Inventory 510 Cost of Merchandise Sold 131 Estimated Returns Inventory 521 Delivery Expense 140 Office Supplies 141 Store Supplies 522 Advertising Expense 524 Depreciation Expense-Store 142 Prepaid Insurance Equipment 180 Land 192 Store Equipment 525 Depreciation Expense-Office Equipment 193 Accumulated Depreciation-Store 526 Salaries Expense Equipment 531 Rent Expense 194 Office Equipment 533 Insurance Expense 195 Accumulated Depreciation-Office 534 Store Supplies Expense Equipment 535 Office Supplies Expense 536 Credit Card Expense LIABILITIES 539 Miscellaneous Expense 211 Accounts Payable-Moonlight Co. 710 Interest Expense 212 Accounts Payable-Papoose Creek Co. 216 Salaries Payable 218 Sales Tax Payable 219 Customers Refunds Payable 221 Notes Payable EQUITY 310 Owner, Capital 311 Owner, Drawing 312 Income SummaryJournal Journalize the transactions. Refer to the Chart of Accounts for exact wording of account titles. PAGE 10 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF DEBIT CREDIT ASSETS LIABILITIESQUITY Merchandise Inventory Accounts Payable-Moonlight Co. Cash Sales Cost of Merchandise Sold Merchandise Inventory Accounts Payable-Moonlight Co. Merchandise Inventory Accounts Receivable-Quinn Co. 10 Sales 11 Cost of Merchandise Sold 12 Merchandise Inventory 13 Accounts Payable-Moonlight Co. 14 Cash 15 Merchandise Inventory 16 Cash 17 Sales 18 Cost of Merchandise Sold 19 Merchandise Inventory 20 Accounts Payable-Papoose Creek Co. 21 Cash 22 Merchandise Inventory 23 Cash 24 Sales discounts 25 Accounts Receivable-Quinn Co. 26 27 28 29 30
