My Home * CengageN! akeAssignment/takeAssignment Main.do?inprogress-true eBook Show Me How Sales-related and purchase-related transactions using perpetual Inventory system Chart of Accounts Journal 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 an account from Moonlight Co., list price $85,000, trade discount 25%, turms FOB destination, 2/10, 1/30 Sold merchandise for cash, $37,680. The cost of the goods sold was $22,600 Purchased merchandise an account from Papoose Creek Co., 547.500, torms FB shining point 2/10, 130, with prepaid freight of $810 added to the invoice Returned $13,500 ($18,000 ist price less trade discount of 25%) of merchandise purchased on November 3 from Moonlight Co. Sold merchandise on account to Quinn Co $15,600 with terms N/15 The cost of the goods sold was $9.400 Paid Moonlight Co on account for purchase of November 3, less return of November 6, Sold merchandise on VISA, 5236,000. The cost of the goods sold was $140,000 Paid Papoose Creek Co on account for purchase of November 5. Received cash on account from sale of November 8 to Quinn Co. 8 13 14 15 23 Next Check My Work Chart of Accounts Joumal Instructions 6 8 13 14 15 Returned $13.500 ($18,000 list price less trade discount of 25%) of merchandise purchased on November 3 from Moonlight Co Sold merchandise on account to Quinn Co., 515,600 with terms 15. The cost of the goods sold was $9.400 Paid Moonlight Co. on account for purchase of November 3, less return of November 6, Sold merchandise on VISA $236,000. The cost of the goods sold was $140,000 Paid Papoose 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.$56,900, terms 170, 1/30. The cost of the goods sold was $34.000 Paid VISA service fee of $3,540. 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 23 24 28 30 Joumalize the transactions. Refer to the Chart of Accounts for exact wording of accountables Check My Work