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Sales and purchase - related transactions using perpetual inventory system Instructions The following were selected from among the transactions completed by Babcock Company during November

Sales and purchase-related transactions using perpetual inventory system
Instructions
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, trade discount 30%, terms FOB destination, 210,n30.
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 FOB shipping point, 210,n30, 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 n15. The cost of the goods sold was $10,010
13 Paid Moonlight Co0 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 n30. The cost of the goods sold was
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