sales related and purchase-related transactions using periodic 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 Nov 3 Purchased merchandise on account from Moonlight Co., Ist price $85,000, trade discount 25%, terms FOB destination, 2/10, 1/30 4 Sold merchandise for cash, $37,680. The cost of the goods sold was $22,600 5 Purchased merchandise on account from Papoose Creek Co. 547,500, terms FOB shipping point 2/10, 1/30, with prepaid freight of $810 added to the invoice 6 Returned $13,500 ($18,000 list price less trade discount of 25%) of merchandise purchased on November 3 from Moonlight Co. 8 Sold merchandise on account to Qunn Co $15,600 with terms 1/15. The cost of the goods sold as $9.400 13 Paid Moonlight Co on account for purchase of November 3, less return of November 6 14 Sold merchandise on VISA $236,000. The cost of the goods sold was $140,000 15 Paid Papoose Creek Co on account for purchase of November Received cash on account from sale of November 8 to Quinn Co 24 Sold merchandise on account to Rabel Co 356.900 terms 1/10, 1/30 The cost of the goods sold was $34000 23 Check My Work more Check My Work uses remaining Next > chant Or Accounts Journal Instructions November 3 from Moonlight Co. 8 Sold merchandise on account to Quinn Co., $15,600 with terms /15. The cost of the goods sold was $9.400 13 Paid Moonlight Co. on account for purchase of November 3, less return of November 14 Sold merchandise on VISA $236,000. The cost of the goods sold was $140,000 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 $56,900, terms 1/10, 1/30. The cost of the goods sold was $34,000 28 Paid VISA service fee of $3,540 30 Paid Quinn Co a cash refund of $5,000 for returned merchandise from sale of November 8. The cost of the returned merchandise was $3,300 Journalize the entries to record the transactions of Babcock Company for November using the periodic inventory system Refer to the Chart Accounts for exact wording of account titles Check My Work more Check My Work uses remaining Next >