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Sales-Related and Purchase-Related Transactions Using Perpetual Inventory System The following were selected from among the transactions...

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 $88,000, trade discount 30%, terms FOB destination, 2/10, n/30.
4. Sold merchandise for cash, $34,160. The cost of the goods sold was $20,380.
5. Purchased merchandise on account from Papoose Creek Co., $47,500, terms FOB shipping point, 2/10, n/30, with prepaid freight of $890 added to the invoice.
6. Returned $11,200 ($16,000 list price less trade discount of 30%) of merchandise purchased on November 3 from Moonlight Co.
8. Sold merchandise on account to Quinn Co., $15,330 with terms n/15. The cost of the merchandise sold was $8,890.
13. Paid Moonlight Co. on account for purchase of November 3, less return of November 6.
14. Sold merchandise on VISA, $226,690. The cost of the goods sold was $134,480.
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., $58,800, terms 1/10, n/30. The cost of the goods sold was $31,420.
28. Paid VISA service fee of $3,800.
30. Paid Quinn Co. a cash refund of $5,740 for returned merchandise from sale of November 8. The cost of the returned merchandise was $3,280.

Journalize these transactions

Nov. 3 Inventory
Accounts Payable-Moonlight Co.
Nov. 4-sale Cash
Sales
Nov. 4-cost Cost of Goods Sold
Inventory
Nov. 5 Inventory
Accounts Payable-Papoose Creek Co.
Nov. 6 Accounts Payable-Moonlight Co.
Inventory
Nov. 8 Accounts Receivable-Quinn Co.
Sales
Nov. 8 Cost of Goods Sold
Inventory
Nov. 13 Accounts Payable-Moonlight Co.
Cash
Nov. 14-sale Cash
Sales
Nov. 14-cost Cost of Goods Sold
Inventory
Nov. 15 Accounts Payable-Papoose Creek Co.
Cash
Nov. 23 Cash
Accounts Receivable-Quinn Co.
Nov. 24-sale Accounts Receivable-Rabel Co.
Sales
Nov. 24-cost Cost of Goods Sold
Inventory
Nov. 28

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