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 $85,000, trade discount 30%, terms FOB destination, 2/10,n/30.
4. Sold merchandise for cash, $34,500. The cost of the goods sold was $22,080.
5. Purchased merchandise on account from Papoose Creek Co., $51,500, terms FOB shipping point, 2/10, 1/30, with prepaid freight of $ 790 added to the invoice.
6. Returned $13,300 ($19,000 list price less trade discount of 30%) of merchandise purchased on November 3 from Moonlight Co.
8. Sold merchandise on account to Quinn Co., $15,550 with terms 1/15. The cost of the merchandise sold was $8,580
13. Pald Moonlight Co. on account for purchase of November 3, less return of November 6.
14. Sold merchandise on VISA, $219,9004 The cost of the goods sold was $149,180.
15. Pald 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, 1/30. The cost of the goods sold was $35,050.
28. Paid VISA service fee of $3,240.
30. Paid Quinn Co. a cash refund of $5,670 for returned merchandise from sale of November 8. The cost of the humed merchand
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