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 $93,000,30%, terms FOB destination, 2/10,n/30. 4 Sold merchandise for cash, $35,370. The cost of the goods sold was $23,670. 5 Purchased merchandise on account from Papoose Creek Co., $44,400, terms 2/10,n/30, with prepaid freight of $810 added to the invoice. 6 Returned merchandise with an invoice amount of $13,300 ( $19,000 list price less trade discount of 30% ) 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 goods sold was $10,010. 13 Paid Moonlight Co. on account for purchase of November 3, less return of November 6. 14 Sold merchandise with a list price of $246,980 to customers who used VISA and who redeemed $8,000 of pointof- sale coupons. The cost of the goods 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 n/30. The cost of the goods 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. 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 23,000 coupons printed, it is estimated that 55% will be redeemed. 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 23,000 coupons printed, it is estimated that 55% will be redeemed. Required: 1. Journalize the November transactions. 2. Assume that as of December 31,10,300 of the $2-off coupons issued during November had been redeemed by customers. Journalize the entry for the remaining unredeemed coupons. 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 Receivable 130 Inventory REVENUE 410 Sales 610 Interest Revenue EXPENSES 510 Cost of Goods Sold Chart of Accounts 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 539 Miscellaneous Expense 710 Interest Expense EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends General Journal 
Other questions asked by students
Medical Sciences
Psychology
Accounting
Accounting
Q
On January 1, 2015, Warren Corporation had 980,000 shares of common stock outstanding. On March...
Accounting
Accounting