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Nov. 8. Sold merchandise on account to Quinn Co., $15,600 with terms n/15. The cost of the goods sold was $9,400, 13. Paid Moonlight Co.

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Nov. 8. Sold merchandise on account to Quinn Co., $15,600 with terms n/15. The cost of the goods sold was $9,400, 13. Paid Moonlight Co. on account for purchase of November 3 , less return of November 6 . 14. Sold merchandise with a list price of $236,000 to customers who used Visa and who redeemed $8,000 of pointof-sale coupons. The cost of the goods sold was $140,000. 15. Paid Papoose Creek Co. on account for purchase of November 5 . 23. Received cash on account from sale of November 8 to Quinn C0. 24. Sold merchandise on account to Rabel Co, $56,900, terms n/30. The cost of the goods sold was $34,000. 28. Paid Visa service fee of $3,540. 30. Paid Quinn Co. a cash refund of $6,000 for returned merchandise from sale of November 8 . The cost of the returned merchandise was $3,300. 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 20,000 coupons printed, it is estimated that 55% will be redeemed. 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 $85,000, trade discount 25%, terms FOB destination, 2/10,n/30. 4. Sold merchandise for cash, $37,680. The cost of the goods sold was $22,600. 5. Purchased merchandise on account from Papoose Creek Co,$47,500, terms FOB shipping point, 2/10,n/30, with prepaid freight of $810 added to the invoice. 6. Returned merchandise with an invoice amount of $13,500 ( $18,000 list price less trade discount of 25% ) purchased on November 3 from Moonlight Co. (Continued) Instructions 1. Journalize the November transactions of Babcock Company using the periodic inventory system. 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 coupons

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