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 lear: Nov. 3. Purchased merchandise on account from Moonlight Co., list price $82,000, trade discount 30%, terms FOB destination 4. Sold merchandise for cash, $36,920. The cost of the goods sold was $23,680. 5. Purchased merchandise on account from Papoose Creek Co., $43,400, terms FOB shipping point, 2/10, n/30, with pre, 6. Returned $11,200($16,000 list price less trade discount of 30%) of merchandise purchased on November 3 from Moo 8. Sold merchandise on account to Quinn Co., $15,020 with terms n/15. The cost of the merchandise sold was $9,510. 13. Paid Moonlight Co. on account for purchase of November 3, less return of November 6. 14. Sold merchandise on VISA, $224,640. The cost of the goods sold was $131,460. 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., $58,000, terms 1/10,n/30. The cost of the goods sold was $32,200. 28. Paid VISA service fee of $3,550. 30. Paid Quinn Co0 a cash refund of $6,310 for returned merchandise from sale of November 8 . The cost of the returned m Required: ansactions completed by Babcock Company during November of the current from Moonlight Co., list price $82,000, trade discount 30%, terms FOB destination, 2/10,n/30. 0 . The cost of the goods sold was $23,680. t from Papoose Creek Co., $43,400, terms FOB shipping point, 2/10,n/30, with prepaid freight of $850 added to the invoice. ice less trade discount of 30% ) of merchandise purchased on November 3 from Moonlight Co. uinn Co., $15,020 with terms n/15. The cost of the merchandise sold was $9,510. purchase of November 3, less return of November 6. 0. The cost of the goods sold was $131,460. tor purchase of November 5 . le of November 8 to Quinn Co. abel Co., $58,000, terms 1/10,n/30. The cost of the goods sold was $32,200. 6,310 for returned merchandise from sale of November 8 . The cost of the returned merchandise was $3,550. petual Inventory System ompleted by Babcock Company during November of the current alight Co., list price $82,000, trade discount 30%, terms FOB destination, 2/10,n/30. of the goods sold was $23,680. ose Creek Co., $43,400, terms FOB shipping point, 2/10,n/30, with prepaid freight of $850 added to the involce. de discount of 30% ) of merchandise purchased on November 3 from Moonlight Co. 15,020 with terms n/15. The cost of the merchandise sold was $9,510. November 3 , less return of November 6 . pf the goods sold was $131,460. Se of November 5 . ber 8 to Quinn Co. $8,000, terms 1/10,n/30. The cost of the goods sold was $32,200. turned merchandise from sale of November 8 . The cost of the returned merchandise was $3,550. 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 30%, terms FOB destinati 4. Sold merchandise for cash, $36,920. The cost of the goods sold was $23,680. 5. Purchased merchandise on account from Papoose Creek Co., $43,400, terms FOB shipping point, 2/10,n/30, with p 6. Returned $11,200 ( $16,000 list price less trade discount of 30% ) of merchandise purchased on November 3 from 8. Sold merchandise on account to Quinn Co., $15,020 with terms n/15. The cost of the merchandise sold was $9,510. 13. Paid Moonlight Co. on account for purchase of November 3 , less return of November 6 . 14. Sold merchandise on VISA, $224,640. The cost of the goods sold was $131,460. 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., $58,000, terms 1/10,n/30. The cost of the goods sold was $32,200. 28. Paid VISA service fee of $3,550. 30. Paid Quinn Co. a cash refund of $6,310 for returned merchandise from sale of November 8 . The cost of the returned Required: Nov. 13 Nov. 14-sale Nov. 14cost Nov. 15 Nov. 23 Nov. 24-sale Nov. 24-cost Nov. 28 Nov. 15 Nov. 23 Nov. 24-sale Nov. 24-cost Nov. 28 Nov. 30-refund Nov. 30-cost Required: Journalize the transactions. Nov. 3 Nov. 4-sale Nov. 4 -cost Nov. 5 Nov. 6 Nov. 8 Nov, 8
