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 $94,000, trade discount 25%, terms FOB destination, 2/10, n/30 4. Sold merchandise for cash, $40,040. The cost of the goods sold was $20,890. 5. Purchased merchandise on account from Papoose Creek Co., $47,400, terms FOB shipping point, 2/10, n/30, with prepaid freight of $810 added to 6. Returned $12,750 ($17,000 list price less trade discount of 25%) of merchandise purchased on November 3 from Moonlight Co. 8. Sold merchandise on account to Quinn Co., $15,980 with terms n/15. The cost of the merchandise sold was $9,070. 13. Paid Moonlight Co. on account for purchase of November 3, less return of November 6. 14. Sold merchandise on VISA, $219,930. The cost of the goods sold was $149,880. 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., $53,800, terms 1/10, n/30. The cost of the goods sold was $32,630. 28. Paid VISA service fee of $3,590. 30. Paid Quinn Co. a cash refund of $5,990 for returned merchandise from sale of November 8. The cost of the returned merchandise was $3,350. Required: oumalize the transactions. Nov. 3 Inventory 70,500 X Accounts Payable-Moonlight Co. 70,500 X e