Answer all.

Sales-Related and Purchase-Related Transactions Using Perpetual Inventory System 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 $89,000, trade discount 30%, terms FOB destination, 2/10, n/30.

4.

Sold merchandise for cash, $40,040. The cost of the goods sold was $20,620.

5.

Purchased merchandise on account from Papoose Creek Co., $47,400, terms FOB shipping point, 2/10, n/30, with prepaid freight of $830 added to the invoice.

6.

Returned $11,900 ($17,000 list price less trade discount of 30%) of merchandise purchased on November 3 from Moonlight Co.

8.

Sold merchandise on account to Quinn Co., $16,430 with terms n/15. The cost of the merchandise sold was $10,090.

13.

Paid Moonlight Co. on account for purchase of November 3, less return of November 6.

14.

Sold merchandise on VISA, $238,360. The cost of the goods sold was $140,040.

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., $51,400, terms 1/10, n/30. The cost of the goods sold was $36,370.

28.

Paid VISA service fee of $3,360.

30.

Paid Quinn Co. a cash refund of $6,530 for returned merchandise from sale of November 8. The cost of the returned merchandise was $3,240

1- Journalize the transactions.

Nov. 3	Merchandise Inventory
	Accounts Payable-Moonlight Co.
Nov. 4-sale	Cash
	Sales
Nov. 4-cost	Cost of Goods Sold
	Merchandise Inventory
Nov. 5	Merchandise Inventory
	Accounts Payable-Papoose Creek Co.
Nov. 6	Accounts Payable-Moonlight Co.
	Merchandise Inventory
Nov. 8	Accounts Receivable-Quinn Co.
	Sales
Nov. 8	Cost of Goods Sold
	Merchandise Inventory
Nov. 13	Accounts Payable-Moonlight Co.
	Cash
Nov. 14-sale	Cash
	Sales
Nov. 14-cost	Cost of Goods Sold
	Merchandise Inventory
Nov. 15	Accounts Payable-Papoose Creek Co.
	Cash
Nov. 23	Cash
	Accounts Receivable-Quinn Co.
Nov. 24-sale	Accounts Receivable-Rabel Co.
	Sales
Nov. 24-cost	Cost of Goods Sold
	Merchandise Inventory
Nov. 28	Credit Card Expense
	Cash
Nov. 30-refund	Customers Refunds Payable
	Cash
Nov. 30-cost	Merchandise Inventory
	Estimated Returns Inventory