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24 Sold merchandise on account to Rabel CO,$54,800, terms 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 30 During November, perted a coupon with each customer's sales receipt for $2 off the custorner's next purchase of over $15. The coupons may be redeemed during December of the total of 25,000 coupons printed, it is estmated that 55% wil be redeemed Required: 1. Jounalize the Nowember transactions 2. Assume that as of December 31, 10,100 of the 52 - off coupons asued durng November had boen redeemmed by customers. Aoumalize the entry tor the remainng unredeened coupons LLABILITES 211 Accounts Payable-Moonlight Co. 212 Accounts Payable-Papoose Creek Co 216 Salaries Payable 218 Sales Tax Payable 219 Customer Refunds Payable 220 Estimated Coupons Payable 221 Notes Payable EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends General Journal 1. Joumalue the November transactions. The following were selected from among the transactions completed by Babcock Company during November of the current year Nov. 3 Puichased merchandise on account from Moonight Co., list price 589,000 , trade discount 30%, terms EOB destination, 2/10,n/30 4 Sold merchandise for cash, $38,210. The cost of the geods sold was $20,810 5 Purchased merchandise on account from Papoose Creek Co, $51.550, terms FOB shippiog point, 210,N30, with prepaid freight of $730 added to the invoice 6 Returned merchandise with an invoice anount of $14,000 (\$20,000 list price less trade discount of 30% ) purchased on November 3 from Moonlight Co 8. Sold meichandise on account to Quinn Co, $15,010 wen terms N15, The cost of the goods sold was $10,190 13 Paid Moonlight Co on accoum for purchase of November 3 / less return of November 0 14 Sold merchandse with a list price of $231,570 to customers who used VisA and who redeemed $7,300 of pointot sale coupoms The cost of the poods sold was $142,000 15 Pad Papoose Greck Co on account for purchave of Nowember 5 23 Recened cish on account from sale of Novenber 8 to Cuinn Co 24 Sold merchandse on accourt is Rabel Co, 564,800 , terms nao the cost of the goods sold was 5331850 CHART OF ACCOUNTS Babcock Company General Ledger ASSETS 110 Cash 121 Accounts Recervabie-Qunn Co 122 Accounts Recenable-Rabel Co 125 Notes Recervabie 130 . Inventory 131 Estmated Returns Irventory 140 Otice Supplies 141 Stote Supples 142 Preperd Insurance 180 Land 192 store Equpment 193 Accumulated Depreciaton Store Equpment 194 OAlice Equipment 195 Accumdated Depreciation Office Equpment LABIUTES 259 Ncoounts Pevable Moaribiti Ce REVENUE 410 Sales 610 Interest Revenue EXPENSES 510 Cost of Goods Sold 521 Delivery Expense 522 Advertring Expense 524 Deprecation Expens-Store Equipment 525 Depreciation Expense-Otice Equipment 526 Satanes Expense: 531 Rent Expense 533 Insuance Expense 534 Store Supptes Expense 535 Otlice Supples Expeme 536 Ciedit Card Eapense 539 Mncelinecous Expense 710 intevest Exoense
