Sales and purchase-related transactions using perpetual inventory system Instructions Chart of Accounts General Journal Instructions 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, trade discount 30%, terms FOB destination, 2/10, n/30. Sold merchandise for cash, $35,370. The cost of the goods sold was $23,670. Purchased merchandise on account from Papoose Creek Co., $44,400, terms FOB shipping point, 2/10, n/30, with prepaid freight of $810 added to the invoice. 4 5 6 8 13 14 15 23 24 28 Returned merchandise with an invoice amount of $13,300 ($19,000 list price less trade discount of 30%) purchased on November 3 from Moonlight Co. Sold merchandise on account to Quinn Co., $17,080 with terms n/15. The cost of the goods sold was $10,010. Paid Moonlight Co. on account for purchase of November 3, less return of November 6. Sold merchandise with a list price of $246,980 to customers who used VISA and who redeemed $8,000 of pointof-sale coupons. The cost of the goods sold was $152,530. Paid Papoose Creek Co. on account for purchase of November 5. Received cash on account from sale of November 8 to Quinn Co. Sold merchandise on account to Rabel Co., $52,400, terms n/30. The cost of the goods sold was $31,410. Paid VISA service fee of $3,220.

Sales and purchase-related transactions using perpetual inventory system 2. Assume that as of Oecember 31,10,300 of the 52 -aff coupons issued during November had been redeemed by customers. Joumalize the entry for the remaining unredeemed coupons. Sales and purchase-related transactions using perpetual inventory system Instructions 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 $83,000, trade discount 30%, terms FOB destination, 2/10,n30. 4 Sold merchandine for cash, $35,370. The cost of the goods sold was $23,670 5 Purchased merchandise on account from Papoose Creek Co. $44,400, terms FOB shipping point. 2/10,n30, with prepaid freight of $810 added to the invoice. 6 Returned merchandise with an invoice amount of $13,300 (\$19,000 ist price less trade discount of 3045) purchased on November 3 from Moonlight Co. a Sold merchandise on account to Quinn Co, $17,080 with terms ni15. The cost of the goods sold was $10,010 13 Paid Moonlight Co. on account for purchase of November 3, less return of November 6 14 Sold merchandise with a list price of $246,980 to customers who used ViSA and who redeemed $8,000 of pointof: sale coupons. The cost of the goods sold was $152,530. 15 Pald Papoose Creek Co. on account for purchase of November 5. 23 Received cash on account from sale of November 8 to Ouinn Co. 24 Sold merchandise on account to Rabel CO,552,400, terms n/30. The cost of the goods sold was $31,410. 28 Paid VisA service tee of $3,220. CHART OF ACCOUNTS Babcock Company General Ledger 310 Common Stock 311 Retained Earnings Chart of Accounts 193 Accumulated Depreciation-Store Equipment 194 Office Equipment 195 Accumulated Depreciation-Orfice Equipment 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 533 Insurance Expense 534 Store Supplies Expense 535 Office Supplies Expense 536 Credit Card Expense 539 Miscellaneous Expense 710 interest Expense Sales and purchase-related transactions using perpetual inventory system 2. Assume that as of December 31,10,300 of the $2-off coupons issued during November had been redeemed by customers Joumalize the entry for the remaining unredeemed coupons. General Joural instructions 28 Paid VISA service fee of $3,220. 30 Paid Quinn Co. a cash refund of $6,020 for returned merchandise from sale of November 8 . The cost of the returned merchandise was $3,390. 30 During November, printed a coupon with each customer's sales recelpt for $2 off the customer's next purchase of over $15. The coupons may be redeemed during December. Of the total of 23,000 coupons printed, it is estimated that 55% will be redeemed. Required: 1. Journalize the November transactions. 2. Assume that as of December 31,10,300 of the $2-off coupons issued during November had been redeemed by customers. Joumalize the entry for the remaining unredeemed coupons