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 4 Sold merchandise for cash, $35,370 The cost of the merchandise sold was $23,670 5 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 6 Returned $13,300 ($19,000 list price less trade discount of 30 ) of merchandise purchased on November 3 from Moonlight Co 8 Sold merchandise on account to Quinn Co , $17,080 with terms n 15 The cost of the merchandise sold was $10,010 13 Paid Moonlight Co on account for purchase of November 3, less return of November 6 14 Sold merchandise on VISA, $246,980 The cost of the merchandise sold was $152,530 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 , $52,400, terms 1 10, n 30 The cost of the merchandise sold was $31,410 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 Required Journalize the transactions Refer to the Chart of Accounts for exact wording of account titles CHART OF ACCOUNTS Babcock Company General Ledger ASSETS 110 Cash 121 Accounts Receivable Quinn Co 122 Accounts Receivable Rabel Co 125 Notes Receivable 130 Merchandise 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 Office Equipment LIABILITIES 211 Accounts Payable Moonlight Co 212 Accounts Payable Papoose Creek Co 216 Salaries Payable 218 Sales Tax Payable 219 Customers Refunds Payable 221 Notes Payable EQUITY 310 Owner, Capital 311 Owner, Drawing 312 Income Summary

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Posted on Sep 15, 2024

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.
	4	Sold merchandise for cash, $35,370. The cost of the merchandise sold was $23,670.
	5	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.
	6	Returned $13,300 ($19,000 list price less trade discount of 30%) of merchandise purchased on November 3 from Moonlight Co.
	8	Sold merchandise on account to Quinn Co., $17,080 with terms n/15. The cost of the merchandise sold was $10,010.
	13	Paid Moonlight Co. on account for purchase of November 3, less return of November 6.
	14	Sold merchandise on VISA, $246,980. The cost of the merchandise sold was $152,530.
	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., $52,400, terms 1/10, n/30. The cost of the merchandise sold was $31,410.
	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.

Required:

Journalize the transactions. Refer to the Chart of Accounts for exact wording of account titles.

CHART OF ACCOUNTS

Babcock Company

General Ledger

	ASSETS
110	Cash
121	Accounts Receivable-Quinn Co.
122	Accounts Receivable-Rabel Co.
125	Notes Receivable
130	Merchandise 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-Office Equipment

	LIABILITIES
211	Accounts Payable-Moonlight Co.
212	Accounts Payable-Papoose Creek Co.
216	Salaries Payable
218	Sales Tax Payable
219	Customers Refunds Payable
221	Notes Payable