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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 $82,000, trade discount 25%, terms FOB destination, 2/10, n/30.
4. Sold merchandise for cash, $40,180. The cost of the goods sold was $22,910.
5. Purchased merchandise on account from Papoose Creek Co., $50,750, terms FOB shipping point, 2/10, n/30, with prepaid freight of $800 added to the invoice.
6. Returned $15,000 ($20,000 list price less trade discount of 25%) of merchandise purchased on November 3 from Moonlight Co.
8. Sold merchandise on account to Quinn Co., $16,430 with terms n/15. The cost of the merchandise sold was $9,180.
13. Paid Moonlight Co. on account for purchase of November 3, less return of November 6.
14. Sold merchandise on VISA, $248,350. The cost of the goods sold was $143,390.
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., $55,300, terms 1/10, n/30. The cost of the goods sold was $30,870.
28. Paid VISA service fee of $3,260.
30. Paid Quinn Co. a cash refund of $5,750 for returned merchandise from sale of November 8. The cost of the returned merchandise was $3,000.

Required:

Journalize the transactions.

Nov. 3
Nov. 4-sale
Nov. 4-cost
Nov. 5
Nov. 6
Nov. 8
Nov. 8
Nov. 13
Nov. 14-sale
Nov. 14-cost
Nov. 15
Nov. 23
Nov. 24-sale
Nov. 24-cost
Nov. 28
Nov. 30-refund
Nov. 30-cost

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