Sales-related and purchase-related transactions using perpetual inventory system Instructions 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 Purchased merchandise on account from Moonlight Co., list price $93,000, trade discount 30%, terms FOB destination, 2/10, n/30. 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 EQB shipping point. 6 8 13 14 15 2/10, n/30, with prepaid freight of $810 added to the invoice Returned $13,300 ($19,000 list price less trade discount of 30%) of merchandise purchased on November 3 from Moonlight Co Sold merchandise on account to Quinn Co., $17,080 with terms n/15. The cost of the goods sold was $10,010. Paid Moonlight Co. on account for purchase of November 3, less return of November 6. Sold merchandise on VISA, $246.980. The cost of the goods sold was $152.530. Paid Papoose Creek Co. on account for purchase of November 5. 23 Received cash on account from sale of November 8 to Quinn Co. 32 24 Sold merchandise on account to Rabel Co., $52,400, terms 1/10, n/30. The cost of the goods sold was i 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 28 2%3 30 Sold merchandise on account to Rabel Co., $52,400, terms 1/10, n/30. The cost of the goods sold was $31,410 Paid VISA service fee of $3,220. Paid Quinn Co. a cash refund of $6,020 for returned merchandise from sale of November 8. The cost of the returned merchandise was $3.390. Journalize the transactions. Refer to the Chart of Accounts for exact wording of account titles. Journal Journalize the transactions. Refer to the Chart of Accounts for exact wording of account titles. DATE DESCRIPTION 1 2 PAGE 101 ACCOUNTING EQUATION JOURNAL POST REF DEBIT CREDIT ASSETS LIABILITIES EQUITY Journal 10 11 12 15 14 15 16 P 38 19 20 23 22 23 3 Journal 25 22 23 24 25 26 27 28 29 30 321 === 34 he following were selected from among the transactions completed by Babcock Company during November of the current year. Bab ventory system. Nov. 3 Purchased merchandise on account from Moonlight Co., list price $93,000, trade discount 30%, terms FOB destination, 2/10, n/30. 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. 2/10, n/30, with prepaid freight of $810 added to the invoice. 6 8 Returned $13,300 ($19,000 list price less trade discount of 30%) of merchandise purchased on November 3 from Moonlight Co. Sold merchandise on account to Quinn Co., $17,080 with terms n/15. The cost of the goods sold was $10,010. Paid Moonlight Co. on account for purchase of November 3, less return of November 6. 13 14 Sold merchandise on VISA, $246,980. The cost of the goods sold was $152,530. 15 Paid Papoose Creek Co. on account for purchase of November 5. Received cash on account from sale of November 8 to Quinn Co. 23 24 24 Sold merchandise on account to Rabel Co., $52,400, terms 1/10, n/30. The cost of the goods sold was 8 Sold merchandise on account to Quinn Co., $17,080 with terms n/15. The cost of the goods sold was $10,010. 13 Paid Moonlight Co. on account for purchase of November 3, less return of November 6, 14 Sold merchandise on VISA, $246,980. The cost of the goods sold was $152,530. Paid Papoose Creek Co. on account for purchase of November 5. 15 23 Received cash on account from sale of November 8 to Quinn Co. 22 24 28 30 Sold merchandise on account to Rabel Co., $52,400, terms 1/10, n/30. The cost of the goods sold was $31,410. Paid VISA service fee of $3,220. Paid Quinn Co. a cash refund of $6,020 for returned merchandise from sale of November 8. The cost of the returned merchandise was $3,390. DATE DESCRIPTION 1 2 3. 4 5 6 7 10 11 12 JOURNAL A POST. REF. DEBIT CREDIT ASSET Instructions Chart of Accounts Journal Journal 13 14 15 15 16 16 17 17 18 19 20 20 21 22 22 23 23 24 24 25 26 26 27 25 25 26 26 27 27 28 28 29 29 30 30 31 32 12 33 33 34