Instructions 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 4 5 6 Purchased merchandise on account from Moonlight Co., list price $90,000, trade discount 25%, terms FOB destination, 2/10, n/30. Sold merchandise for cash, $36,900. The cost of the goods sold was $20,480. Purchased merchandise on account from Papoose Creek Co., $50,700, terms FOB shipping point, 2/10,n/30, with prepaid freight of $750 added to the invoice Returned $12,750 ($17,000 list price less trade discount of 25%) of merchandise purchased on November from Moonlight Co. Sold merchandise on account to Quinn Co., $14,550 with terms n/15. The cost of the goods sold was $9,510 Paid Moonlight Co. on account for purchase of November 3, less return of November 6. Sold merchandise on VISA, $239, 110. The cost of the goods sold was $137,270 Paid Papoose Creek Co. on account for purchase of November 5. 8 13 14 15 23 Received cash on account from sale of November 8 to Quinn Co. 24 Sold merchandise on account to Rabel Co., 557, 100, terms 1/10, n/30. The cost of the goods sold was $32,270. 28 30 Paid VISA service fee of $3,700 Paid Quinn Co. a cash refund of $5,960 for returned merchandise from sale of November 8. The cost of the returned merchandise was $3,290. 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 110 Cash REVENUE 410 Sales 610 Interest Revenue 121 Accounts Receivable-Quinn Co. 122 Accounts Receivable-Rabel Co. 125 Notes Receivable 130 Inventory 131 Estimated Returns Inventory 140 Office Supplies 141 Store Supplies 142 Prepaid Insurance 180 Land EXPENSES 510 Cost of Goods Sold 521 Delivery Expense 522 Advertising Expense 524 Depreciation Expense-Store Equipment 525 Depreciation Expense-Office Equipment 526 Salaries Expense 531 Rent Expense 192 Store Equipment 193 Accumulated Depreciation Store Equipment 194 Office Equipment 195 Accumulated Depreciation Office Equipment 533 Insurance Expense 534 Store Supplies Expense 535 Office Supplies Expense 536 Credit Card Expense 539 Miscellaneous Expense 710 Interest Expense LIABILITIES 211 Accounts Payable-Moonlight Co. 212 Accounts Payable-Papoose Creek Co. 216 Salaries Payable Chart of Accounts 123 iules neceivable LINI LIJLJ 130 Inventory 131 Estimated Returns Inventory 140 Office Supplies 141 Store Supplies 142 Prepaid Insurance 180 Land 192 Store Equipment 193 Accumulated Depreciation-Store Equipment 194 Office Equipment 195 Accumulated Depreciation Office Equipment 510 Cost of Goods Sold 521 Delivery Expense 522 Advertising Expense 524 Depreciation Expense-Store Equipment 525 Depreciation Expense-Office Equipment 526 Salaries Expense 531 Rent Expense 533 Insurance Expense 534 Store Supplies Expense 535 Office Supplies Expense 536 Credit Card Expense 539 Miscellaneous Expense 710 Interest Expense LIABILITIES 211 Accounts Payable-Moonlight Co. 212 Accounts Payable-Papoose Creek Co. 216 Salaries Payable 218 Sales Tax Payable 219 Customer Refunds Payable 221 Notes Payable EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends Journal Journalize the transactions. Refer to the Chart of Accounts for exact wording of account titles. All transactions on this page must be entered (except for post ref(s)) before you will receive Check My Work feedback. PAGE 10 JOURNAL Score: 38/426 ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 Nov. 3 90,000.00 2 Nov. 4 Cash 36,900.00 3 Nov.4 Cost of Goods Sold 20,480.00 1 4 50,700.00 5 Nov.5 Merchandise Inventory Nov.6 Accounts Payable Nov.7 Accounts Receivable 6 14,550.00 7 8 9 10 11 12 13 14 15 16 17 Journal 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34