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In: Accounting

6.) The following were selected from among the transactions completed by Babcock Company during November of...

6.)

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 $94,000, trade discount 25%, terms FOB destination, 2/10, n/30.
4 Sold merchandise for cash, $35,040. The cost of the merchandise sold was $20,610.
5 Purchased merchandise on account from Papoose Creek Co., $50,800, terms FOB shipping point, 2/10, n/30, with prepaid freight of $850 added to the invoice.
6 Returned $12,000 ($16,000 list price less trade discount of 25%) of merchandise purchased on November 3 from Moonlight Co.
8 Sold merchandise on account to Quinn Co., $14,030 with terms n/15. The cost of the merchandise sold was $9,130.
13 Paid Moonlight Co. on account for purchase of November 3, less return of November 6.
14 Sold merchandise on VISA, $243,720. The cost of the merchandise sold was $148,260.
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., $52,500, terms 1/10, n/30. The cost of the merchandise sold was $36,660.
28 Paid VISA service fee of $3,750.
30 Paid Quinn Co. a cash refund of $6,510 for returned merchandise from sale of November 8. The cost of the returned merchandise was $3,450.
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
REVENUE
410 Sales
610 Interest Revenue
EXPENSES
510 Cost of Merchandise 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

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

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JOURNAL

ACCOUNTING EQUATION

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