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$.$

$8$ 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 point$-$of$-$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 Co$.$

$24$ 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.

Required:

$1.$ Journalize the November transactions.

$2.$ 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.

CHART OF ACCOUNTS

Babcock Company

General Ledger

ASSETS

$110$ Cash

$121$ Accounts Receivable$-$Quinn Co$.$

$122$ Accounts Receivable$-$Rabel Co$.$

$125$ Notes Receivable

$130$ 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$-$Office 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

$312$ Dividends

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

$539$ Miscellaneous Expense

$710$ Interest Expense

$1.$ Journalize the November transactions.

General Journal Instructions