Sales-Related and Purchase-Related Transactions Using Perpetual Inventory System 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 $81,000, trade discount 25%, terms FOB destination, 2/10, n/30. 4. Sold merchandise for cash, $39,360. The cost of the goods sold was $24,210. 5. Purchased merchandise on account from Papoose Creek Co., $51,500, terms FOB shipping point, 2/10, n/30, with prepaid freight of $750 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., $16,170 with terms n/15. The cost of the merchandise sold was $8,930. 13. Paid Moonlight Co. on account for purchase of November 3, less return of November 6. 14. Sold merchandise on VISA, $241,010. The cost of the goods sold was $142,080. 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., $54,700, terms 1/10, n/30. The cost of the goods sold was $30,810. 28. Paid VISA service fee of $3,800. 30. Paid Quinn Co. a cash refund of $5,540 for returned merchandise from sale of November 8. The cost of the returned merchandise was $3,010.