Sales-Related Transactions Using Perpetual Inventory System The following selected transactions were completed by Green Lawn Supplies Co., which sells irrigation supplies primarily to wholesalers and occ July 1. Sold merchandise on account to Landscapes Co., $15,300, terms FOB shipping point, n/eom. The cost of merchandise sold was $9,200. 2. Sold merchandise for $20,900 plus 8% sales tax to retail cash customers. The cost of merchandise sold was $13,600. 5. Sold merchandise on account to Peacock Company, $32,100, terms FOB destination, 1/10, n/30. The cost of merchandise sold was $20,900. 8. Sold merchandise for $9,900 plus 5% sales tax to retail customers who used VISA cards. The cost of merchandise sold was $5,900. 13. Sold merchandise to customers who used MasterCard cards, $8,000. The cost of merchandise sold was $5,000. 14. Sold merchandise on account to Loeb Co., $11,300, terms FOB shipping point, 1/10, n/30. The cost of merchandise sold was $6,700. 15. Received check for amount due from Peacock Company for sale on July 5. 16. Issued credit memo for $1,700 to Loeb Co. for merchandise returned from sale on July 14. The cost of the merchandise returned was $1,000. 18. Sold merchandise on account to Jennings Company, $5,800, terms FOB shipping point, 2/10, n/30. Paid $300 for freight and added it to the invoice. The cost of merchandise sold was $3,500. 24. Received check for amount due from Loeb Co. for sale on July 14 less credit memo of July 16. 28. Received check for amount due from Jennings Company for sale of July 18. 31. Paid Black Lab Delivery Service $2,180 for merchandise delivered during July to customers under shipping terms of FOB destination. Date Account Debit Credit July Accounts Receivable-Landscapes Co. 15,300 1-sale Sales 15,300 Date Account Debit Credit July 1- Cost of Merchandise Sold cost Merchandise Inventory Date Account Debit Credit July 2-sale Date Account Debit Credit July 2-cost Date Account Debit Credit July 5-sale Date Account Debit Credit July 5-cost Date Account Debit Credit July 8-sale Date Account Debit Credit July 8-cost Date Account Debit Credit July 13-sale Date Account Debit Credit July 13-cost Date Account Debit Credit July 14-sale Date Account Debit Credit July 14-cost Date Account Debit Credit July 15 Date Account Debit Credit July 16- return Date Account Debit Credit July 16-cost Date Account Debit Credit July 18-sale Date Account Debit Credit July 18- freight Date Account Debit Credit July 18-cost Date Account Debit Credit July 24 Date Account Debit Credit July 28 Date Account Debit Credit July 31- freight Date Account Debit Credit July 31- collection Date Account Debit Credit Aug. 3 Date Account Debit Credit Aug. 10 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 $76,000, trade discount 20%, terms FOB destination, 2/10, n/30. 4. Sold merchandise for cash, $34,260. The cost of the goods sold was $23,500. 5. Purchased merchandise on account from Papoose Creek Co., $50,150, terms FOB shipping point, 2/10, n/30, with prepaid freight of $860 added to the invoice. 6. Returned $14,400 ($18,000 list price less trade discount of 20%) of merchandise purchased on November 3 from Moonlight Co. 8. Sold merchandise on account to Quinn Co., $14,400 with terms n/15. The cost of the merchandise sold was $8,770. 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 $147,730. 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., $58,200, terms 1/10, n/30. The cost of the goods sold was $31,880. 28. Paid VISA service fee of $3,370. 30. Paid Quinn Co. a cash refund of $5,680 for returned merchandise from sale of November 8. The cost of the returned merchandise was $3,110. Journalize the transactions. Accounts Payable-Moonlight Co. X Nov. 3 Sales Discounts x 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