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1. Joumalize the November transactions. 30% ) purchased on Novernber 3 from 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 return of November 6 . 14 Sold merchandise with a list price of $231,570 to customers who used VISA and who redeemed \$7,300 * of pointof- 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 retumed merchandise from sale of November 8 . The cost of the returned merchandise was $3,140. 30 During Nowember, 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 Decernber. 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 been redeemed by customers. Joumalize the entry for the remaining unredeemed coupons. Sales and purchase-related transactions using perpetual inventory system 2. Assume that as of December 31, 10,100 of the $2 - off colpons issued during November had been redeemed by aistomers Joumalize the entry for the remaning unredeemed coupons 2. Assume that as of December 31, 10, too of the S2-off coupons isued during November had been redeemed by customers. Joumavire the enty for the remaining unredeened coup General Joumal instructions 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 peice $89,000, trade discount 30%, terms FCo destonation, 2/0, n30 4 Sold merchandise for cash, $38,210. The cost ot the goods sold was $20,810 5 * Purchased merchandise on account trom Papoose Creek Co: $51,580, terms FOB shipoing point. 2/10,N30, wh prepaid treight of $730 added to the inyoice 6 Rotumed meechandise with an imoice amouet of $14,000 (\$20,000 list price less trade discount of 30%) purchased on November 3 from Moonlight Co. 8. Sold merchandse on account to Quinn Co, $15,010 with terms n/i5. The cost of the goods sold was $10,100. 13 Paid Moonlight Co, on account for purchase of November 3, less rebum of November 6. 14 Sold merchandise with a list price of \$231,570 to customers who used VISA and who redeemed \$7,300 of poimtot- sale coupons. The cost of the goods sold was $142,060. 15 Paid Papoose Creek Co. on account for punchase of November 8. 23 Peceived cash on account from sale of Nowember 8 to Quinn C0 24 Sold merchandise on account to Rabel Co, $54,800, terms n30. The cost of the goods sold was $33.850 28 Paid VisA service tee of $3,580. 30 Paid Ouin Co. a cash refund of $6,420 for returned merchandise from sale of November 8 . The cost of the returned merchandse was $3,140. Instructions Chart of Accounts Cenoral Journal Chart of Accounts CHART OF ACCOUNTS Babcock Company General Ledger ASSETS 110 Cash 121 Accounts Receivable-Quinn Co. 122 Accounts Receivable-Rabel Co. 125 Notes Recelvable 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-Otfice 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 530 Menoliananic Frnonea Instructions Chart of Accounts General Journal Chart of Accounts 100 cana 192 Store Equipment 531 Rent Expense 193 Accumulated Depreciation-Store Equipment 533 Insurance Expense 194 Office Equipment 534 Store Supplies Expense 195 Accumulated Depreciation-Office Equipment 535 Office Supplies Expense 536 Credit Card Expense LIABILITIES 539 Miscellaneous Expense 211 Accounts Payable-Moonlight Co. 710 Interest Expense 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 Check My Work
