Sales-related and purchase-related transactions using periodic inventory system. Instructions Journalize the entries to record the transactions of Babcock Company for November using the periodic inventory system:

Nov. 3. Purchased merchandise on account from Moonlight Co., list price $85,000, trade discount 25%, terms FOB destination, 2/10, n/30.

4. Sold merchandise for cash, $37,680. The cost of the merchandise sold was $22,600.

5. Purchasedmerchandise on account from PapooseCreekCo.,$47,500,termsFOB shipping point, 2/10, n/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 Quinn Co., $15,600 with terms n/15. The cost of the merchandise sold was $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 merchandise 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, n/30. The cost of the merchandise sold was $34,000. 28. Paid VISA service fee of $3,540.

30. 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