Sales-Related and Purchase-Related Transactions Using Perpetual Inventory System Instructions Instructions Chart of Accounts Journal The following were selected from among the transactions completed by Harrison Company during November of the current year: Nov. 3 4 5 6 8 Purchased merchandise on account from Moonlight Co., list price $94,000, trade discount 25%, terms FOB destination, 2/10, n/30. Sold merchandise for cash, $35,040. The cost of the merchandise sold was $20,610. Purchased merchandise on account from Papoose Creek Co., $50,800, terms FOB shipping point, 2/10, n/30, with prepaid freight of $850 added to the invoice. Returned $12,000 ($16,000 list price less trade discount of 25%) of merchandise purchased on November 3 from Moonlight Co. Sold merchandise on account to Quinn Co., $14,030 with terms n/15. The cost of the merchandise sold was $9,130. 13 Paid Moonlight Co. on account for purchase of November 3, less return of November 6. 14 Sold merchandise on VISA, $243,720. The cost of the merchandise sold was $148,260. 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 28 228 Sold merchandise on account to Rabel Co., $52,500, terms 1/10, n/30. The cost of the merchandise sold was $36,660. Paid VISA service fee of $3,750. 30 Paid Quinn Co. a cash refund of $1,710 for damaged merchandise from sale of November 8. Quinn Co. kept the merchandise.