Nov. 3 Purchased merchandise on account from Moonlight Co, list price $89,000, trade discount 30%, terms FOB destination, 2/10,n/30. 4 Sold merchandise for cash, $38,210. The cost of the goods sold was $20,810. 5 Purchased merchandise on account from Papoose Creek Co., $51,550, terms FOB shipping. point. 2/10,n/30, with prepaid freight of $730 added to the invoice. 6. Returned merchandise with an invoice amount of $14,000($20,000 list price less trade discount of 30%) purchased on November 3 trom Moonlight Co. 8 Sold merchandise on account to Quinn Co,$15,010 with terms n/15. The cost of the goods sold was $10,190. 13 Paid Moonlight Co. on account for purchase of November 3 , less retum of November 6. 14 Sold merchandise with a list price of $231,570 to customers who used VISA and wito redeemed $7,300 of pointol- sale coupons. The cost of the goods sold was $142,060. 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, $54,800, terms n/30. The cost of the goods sold was $33,850. 28 Paid VISA service tee 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, 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. Required: 1. Joumalize the November transactions. 2. Assume that as of December 31, 10,100 of the \$2-off coupons issued during November had boen redeomed by customers. Joumalize the entry for the romaining unredeemed coupons. 1. Joumalize the November transactions. Genoral Joumal instructions Babcock Company General Ledger ASSETS 110 Cash 121 Accounts Receivable-Quinn Co 122 Accounts Receivable-Rabel Co. 125 Notes Recelvable 130 Inventory 131 Estimated Retums inventory 140 Office Supplies 141 Store Supplies 142 Prepaid insurance 180 Land 192 Store Equipment 193 Accumulated Depreciation-Store Equipment 194 Otice Equipment 195 Accumulated Dopreciation-Office Equipment LIABIITIES 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 Reained Eamings 312 Dividends REVENUE 410. Sales 610 Interest Revenue EXPENSES 510 Cost of Goods Sold 521 Delivery Expense 522 Advertising Expense 524 Deprecia5ion Expense-Store Equipment 525 Depreciation Expense-Ottice Equipment 526 Salaries Expense 531 Rent Expense 533 Insurance Expense 534 Store Supples Expense 535 Otice Supplies Expense 536 Credit Card Expense 539 Miscellaneous Expense 710 Interest Expense
