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eBook Show Me How Instructions The following were selected from among the transactions completed by Babcock Company during November of the current year. Babcock uses the net method under a perpetual inventory system Nov. 3 4 5 6 Purchased merchandise on account from Moorlight Co. Ist price $94.000, trade exout 25%, terms FOB destination 2/10, 1/30 Sold merchandise for cash, $35,040. The cost of the goods sold was $20,510. Purchased merchandise on account from Papocse Crook Co, $50,800, terms EOB shipping point 2110, 1/30, wth prepaid freight of $850 added to the invoice Returned $12,000 ($16,000 Sest price less trade discount of 25%) of merchandise purchased on November 3 from Moonlight Co. Sold merchandise on account to Quinn Co. $14,030 with terms 15. The cost of the goods sold was $9,130 Paid Moonlight Co. on account for purchase of November 3, less retum of November 6. Sold merchandise on VISA, $243,720. The cost of the goods sold was $148,260. Paid Pacoose 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 $52.500 terme 1/10, W30. The cost of the goods sold was $36.660 Paid VISA service fee of $3,750 Pald Quinn Co. a cash retund 56.510 for returned merchandise from sale of November 8. The cost of the returned merchandise was $3,450 13 14 15 23 24 28 30 Journalize mo transactions. Refer to the Chart of Accounts for exact wording of account tibes. CHART OF ACCOUNTS Babcock Company General Ledger ASSETS REVENUE 110 Cash 410 Sales 610 Interest Revenue EXPENSES 510 Cost of Goods Sold 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 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 192 Store Equipment 193 Accumulated Depreciation-Store Equipment 194 Office Equipment 195 Accumulated Depreciation Office Equipment 536 Credit Card Expense LIABILITIES 539 Miscellaneous Expense 710 Interest Expense 211 Accounts Payable-Moonlight Co. 212 Accounts Payable-Papoose Creek Co. 216 Salaries Payable Search Book Show Me How TOUT 131 Estimated Retums 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 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 LIABILITIES 211 Accounts Payable-Moonlight Co. 212 Accounts Payable-Papoose Creek Co. 216 Salaries Payable 218 Sales Tax Payable 219 Customer Refunds Payable 221 Notes Payable EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends Joumalize the transactions. Refer to the Chart of Accounts for exact wording of account titles How does groding work? PAGE 10 JOURNAL Score: 373/426 ACCOUNTING EQUATION LIABUTIES CREDIT EQUITY POST. REF: DESCRUPTION DERIT DATE Nox 3 Inventory ASSETS 1 70,500.00 1 70,500.00 Accounts Payable Moonlight Co. 1 1 3 35,040.00 Now Cash + Sales 35,040.00 5 Nov 4" Cost of Goods Sold 20,610.00 20,610.00 1 51,650,00 1 51.650.00 1 9 Inventory Nov 5 Inventory Accounts Payable-Papoose Creek Co. Nov 6 Accounts Payable-Moonlight Co. Inventory Nov. 8 Accounts Receivable Quinn Co. Sales 12,000.00 10 12,000.00 . 11 14,030,00 1 12 14,090.00 1 13 9,130.00 1 Nov. 8 Cost of Goods Sold Inventory Nov 13 Accounts Payable-Moonlight Co 9,130,00 15 58,500.00 Check My Work eBook Show Me How 1 9,130.00 H4 Inventory 1 58,500.00 15 Nov. 13 Accounts Payable-Moonlight Co. 57,330,00 1 Cash 1,170.00 ! IT Inventory t 11 243,720,00 Nov 14 Cash 1 Sales 243,720,00 10 1 20 Nov. 14 Cost of Goods Sold 148.260.00 21 Inventory 148,260.00 27 + 51,650,00 Nov. 15 Accounts Payable-Papoose Creek Co. . Cash 50,634.00 1,016,00 24 Inventory 25 Nov 23 Cash 14,050,00 1 16 14,030.00 22 Accounts Receivable Quinn Co Nov.24 receivable-Rebel Co. I Sales 52,500.00 21 52,500.00 1 29 Nov 24 Cost of Goods Sold 36,660.00 1 D 36,660.00 50 3,750.00 1 Inventory Nov. 28Credit Card Expense Gach Nov.50 Inventory Cash 3,750,00 13 6,51000 34 6,510,00