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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
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 $93,000, trade discount 30%, terms FOB destination, 2/10,n/30. 4. Sold merchandise for cash, $37,520. The cost of the goods sold was $22,970. 5. Purchased merchandise on account from Papoose Creek Co., $47,500, terms FOB shipping point, 2/10,n/30, with prepaid freight of $810 added to the invoice 6. Returned $11,200($16,000 list price less trade discount of 30%) of merchandise purchased on November 3 from Moonlight Co. 8. Sold merchandise on account to Quinn Co., $16,120 with terms n/15. The cost of the merchandise sold was $9,680. 13. Paid Moonlight Co. on account for purchase of November 3, less return of November 6 . 14. Sold merchandise on VISA, $240,560. The cost of the goods sold was $151,590. 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., $61,100, terms 1/10,n/30. The cost of the goods sold was $33,860. 28. Paid VISA service fee of $3,840. 30. Paid Quinn Co. a cash refund of $5,570 for returned merchandise from sale of November 8 . The cost of the returned merchandise was $3,390. Journalize the transactions
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