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Sales-related and purchase-related transactions using perpetual inventory system Instructions Chart of Accounts Journal Instructions The following were selected from among the transactions completed by Babcock
Sales-related and purchase-related transactions using perpetual inventory system Instructions Chart of Accounts Journal Instructions The following were selected from among the transactions completed by Babcock Company during November of the current year, Nov. 4 5 6 3 Purchased merchandise on account from Moonlight Co., Ist price $89,000, trade discount 30%, torms FOB destination, 2/10,n30. Sold merchandise for cash, $38,210. The cost of the goods sold was $20,810, Purchased merchandise on account from Papoose Creek Co. $51.550 terms FOB sticing point 2/10, 1/30, with prepaid freight of 8730 added to the invoice Returned $14,000 ($20,000 list price less trade discount of 30%) of merchandise purchased on November 3 from Moonlight Co. 8 Sold merchandise on account to Quinn Co. 515.010 with terms /15. The cost of the goods sold was $10,190 13 Paid Moonlight Co. on account for purchase of November 3, loss return of November 6. 14 Sold merchandise on VISA, 5231,570. The cost of the goods sold was 5142,060. 15 Paid Papoose Creek Co. on account for purchase of November 6, 23 Received cash on account from sale of November 8 to Quinn Co. 24 Sold merchandise on account to Rabel Co., 654,800, termo 1/10, 1/30. The cost of the goods sold was $33,850 28 Paid VISA service fee of $3,580 30 Paid Quinn Co. a cash refund of S6,420 for returned merchandise from sale of November 8. The cost of the returned merchandise was $3,140. Joumalize the transactions. Refer to the Chart of Accounts for exact wording of account titles. Sales-related and purchase-related transactions using perpetunt inventory system Instructions Chart of Accounts Journal Chart of Accounts CHART OF ACCOUNTS Babcock Company General Ledger REVENUE 410 Sales 610 Interest Ronde ASSETS 110 Cash 121 Accounts Receivable-Quinn 122 Accounts Receivable Robelco 125 Notes Receivable 130 Inventory 121 Estimated Retums Inventory 140 Office Supplies 141 Store Supplies 142 Prepaid Insurance 180 Land 192 Store Equipment 193 Accumulated Depreciation Store Equipment 194 Oto Eguiment 195 Accumulated Depreciation Office Equipment EXPENSES 510 Cost of Goods Sold 521 Delivery Expense 522 Advertising Expense 524 Depreciation Expense-Store Equipment 525 Depreciation Expense-Office Equipment 526 Sales Expense 531 Rent Expense 533 Insurance Expense 534 Store Supplies Expense 535 Office Supplies Expense 536 Credit Card Expense 530 Miscellaneous Bepense 710 interest Expense LIABILITIES 211 Accounts Payable Moonlight Co 212 Accounts Payable-Papoose Creek Co. 216 Series Payable 218 Sales Tax Payable 219 Customer Relunds Payable 221 Notes Payable EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends 313 Income Summary 2600 Show Me How Journal Joumakro the transactions. Pater to the Chart of Accounts for exact worting of account 108, JOUR ACCOUNTING SOLUTION 11 DESCO POST 1 3 1 11 14 11 1 71 E51 Check My Work
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