Journal Instructions The following were selected from among the transactions completed by Babcock Company during November of the current year Nov. 3 5 Purchased merchandise on account from Moonlight Co., Ist price $85,000, trade discount 25%, terms FOB destination, 2/10, 1/30 Sold merchandise for cash, $37,680. The cost of the merchandise sold was $22,600. Purchased merchandise on account from Papoose Creek Co., 547,500, terms FOB shipping point 2/10, 1/30, with prepaid freight of $810 added to the invoice Returned $13,500 (518,000 list price less trade discount of 25%) of merchandise purchased on November 3 from Moonlight Co. Sold merchandise on account to Quinn Co., $15,600 with terms 115. The cost of the merchandise sold was $9.400 Paid Moonlight Co. on account for purchase of November 3, less return of November 6. 8 13 Check My Work Previous Net All work saved. Email Instructor Save and Exit Submit Assignment for Journal Instructions Chart of Accounts ASSETS REVENUE 110 Cash 121 Accounts Receivable-Quinn Co. 410 Sales 610 Interest Revenue 122 Accounts Receivable-Rabel Co. 125 Notes Receivable EXPENSES 130 Merchandise Inventory 510 Cost of Merchandise Sold 131 Estimated Returns Inventory 140 Office Supplies 521 Delivery Expense 522 Advertising Expense 141 Store Supplies 142 Prepaid Insurance 524 Depreciation Expense-Store Equipment 525 Depreciation Expense-Office Equipment 526 Salaries Expense 531 Rent Expense 180 Land 192 Store Equipment Chart of Accounts Journal Instructions Chart of Accounts 193 Accumulated Depreciation-Store Equipment 194 Office Equipment 533 Insurance Expense 534 Store Supplies Expense 195 Accumulated Depreciation Office Equipment 535 Office Supplies Expense 536 Credit Card Expense LIABILITIES 539 Miscellaneous Expense 710 Interest Expense 211 Accounts Payable-Moonlight Co. 212 Accounts Payable-Papoose Creek Co. 216 Salaries Payable 218 Sales Tax Payable 219 Customers Refunds Payable 221 Notes Payable Instructions Chart of Accounts 212 ACCOUNS Payable-rapoose 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 Summary