The following were selected from among the transactions completed by Babcock Company during November of the current year. Babcock uses the net method under a perpetual inventory system. Nov. 3 Purchased merchandise on account from Moonlight Co., list price $93,000, trade discount 25%, terms FOB destination, 2/10, n/30. Sold merchandise for cash, $34,100. The cost of the goods sold was $22,080. 4 5 Purchased merchandise on account from Papoose Creek Co., $43,650, terms EOB shipping point. 4 2/10, n/30, with prepaid freight of $750 added to the invoice. 6 Returned $15,000 ($20,000 list price less trade discount of 25%) of merchandise purchased on 8 13 14 November 3 from Moonlight Co. Sold merchandise on account to Quinn Co., $15,270 with terms n/15. The cost of the goods sold was $8,940. Paid Moonlight Co. on account for purchase of November 3, less return of November 6. Sold merchandise on VISA, $229,890. The cost of the goods sold was $153,500. 15 Paid Papoose Creek Co. on account for purchase of November 5. 23 22 Received cash on account from sale of November 8 to Quinn Co. 24 Sold merchandise on account to Rabel Co., $51,300, terms 1/10, n/30. The cost of the goods sold was $33,280 28 Paid VISA service fee of $3,410. 30 Paid Quinn Co, a cash refund of $5,610 for returned merchandise from sale of November 8. The cost of the returned merchandise was $3,180.