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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 year: Nov. 3. Purchased merchandise on account from Moonlight Co., list price $86,000, trade discount 25%, terms FOB destination, 2/10, 1/30. 4. Sold merchandise for cash, $34,120. The cost of the goods sold was $23,030, 5. Purchased merchandise on account from Papoose Creek Co., 549,100, terms FOB shipping point, 2/10, 1/30, with prepaid freight of $870 added to the invoice 6. Returned $15,000 ($20,000 list priceless trade discount of 25%) of merchandise purchased on November 3 from Moonlight Co. 8. Sold merchandise on account to Quinn Co. $16,760 with terms o/15. The cost of the merchandise sold was $10,230, 13. Paid Moonlight Co. on account for purchase of November 3, less return of November 6, 14. Sold merchandise on VISA, $216,460. The cost of the goods sold was $130410 15. Pald Papoose Creek Co. on account for purchase of November 23. Received cash on account from sale of November to Quinn Co. 24. Sold merchandise on account to Rabel C 553,200, terms 1/10, 1/30. The cost of the goods sold was $34.530 28. Paid VISA Service fee of $3.630 30. Pald Quinn Co. a cash refund of $6,310 for returned merchandise from sale of November. The cost of the returned merchandise was $3.440 Required: Journize the transari Nov. 3 Merchandise Inventory Accounts Payable-Moonlight Co. Nov. 4-sale Cash Nov. 4-cost Merchandise Inventory Nov. 5 Merchandise Inventory Accounts Payable-Papoose Creek Co. 0 0 0 0 0 0 1 0 0 0 0 0 NOV. 6 Accounts Payable-Moonlight Co. Merchandise Inventory Nov. 8 Accounts Receivable-Quinn Co. Nov. 8 Merchandise Inventory Nov. 13 Nov. 14-sale II III III 0 0 0 0 0 0 0 Lil. Nov. 28 Nov. 28 Nov. 30-refund NOV. 30-cost

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