LIABILITIES 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 539 Miscellaneous Expense 710 Interest Expense 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 $93,000, 25%, terms FOB destination, 2/10,n/30. 4 Sold merchandise for cash, $34,100. The cost of the goods sold was $22,080. 5 Purchased merchandise on account from Papoose Creek Co., $43,650, terms FOB shipping.point, 2/10,n/30, with prepaid freight of $750 added to the invoice. 6 Returned merchandise with an invoice amount of $15,000 ( $20,000 list price less trade discount of 25% ) purchased on November 3 from Moonlight Co. 8 Sold merchandise on account to Quinn Co., $15,270 with terms n/15. The cost of the goods sold was $8,940. 13 Paid Moonlight Co. on account for purchase of November 3 , less return of November 6. 14 Sold merchandise with a list price of $229,890 to customers who used VISA and who redeemed $7,500 of point-of-sale coupons. The cost of the goods sold was $153,500. 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., $51,300, terms n/30. The cost of the goods sold was $33,280. 28 Paid VISA service fee of $3,410. 30 Paid Quinn Co. a cash refund of $5,610 for returned merchandise from sale of November 8 . The cost of the returned merchandise was $3,180. 30 During November, printed a coupon with each customer's sales receipt for $2 off the customer's next purchase of over $15. The coupons may be redeemed during December. Of the total of 25,000 coupons printed, it is estimated that 55% will be redeemed. General Journal 2. Assume that as of December 31,10,400 of the $2-off coupons issued during November had been redeemed by customers. Journalize the entry for the remaining unredeemed coupon CHART OF ACCOUNTS Babcock Company General Ledger ASSETS 110 Cash 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 192 Store Equipment 193 Accumulated Depreciation-Store Equipment 194 Office Equipment 195 Accumulated Depreciation-Office Equipment REVENUE 410 Sales 610 Interest Revenue 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 533 Insurance Expense 534 Store Supplies Expense 535 Office Supplies Expense 536 Credit Card Expense 539 Miscellaneous Expense