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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 $81,000, trade discount 30%, terms FOB destination, 2/10, n/30. 4. Sold merchandise for cash, $36,560. The cost of the goods sold was $21,170. 5. Purchased merchandise on account from Papoose Creek Co., $50,900, terms FOB shipping point, 2/10, n/30, with prepaid freight of $890 add 6. Returned $14,000 ( $20,000 list price less trade discount of 30% ) of merchandise purchased on November 3 from Moonlight Co. 8. Sold merchandise on account to Quinn Co., $15,180 with terms n/15. The cost of the merchandise sold was $9,340. 13. Paid Moonlight Co. on account for purchase of November 3 , less return of November 6 . 14. Sold merchandise on VISA, $230,380. The cost of the goods sold was $147,250. 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., $56,000, terms 1/10,n/30. The cost of the goods sold was $33,840. 28. Paid VISA service fee of $3,370. 30. Paid Quinn Co. a cash refund of $5,550 for returned merchandise from sale of November 8 . The cost of the returned merchandise was $3,100 Required: ournalize the transactions. Nov. 3 Nov. 3 Nov. 4-sale Nov. 4-cost Nov. 5 Nov. 6 Nov. 8 Nov. 8 Nov. 13 Nov, 13 Nov. 14-sale Nov. 14-cost Nov. 15 Nov. 23 Nov. 24-sale Nov. 24-cost Nov, 28 Nov. 28 Nov. 30-refund Nov. 30-cost
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