Auntie Macassar sends Loonette a doll named Babs. Immediately, Loonette lavishes attention on her (""She's so cute!""), leaving Molly feel left out. It takes a while, but Loonette expresses her friendship to Molly with the song ""The Best Friend I've Ever Had.""

Loonette helps Molly to count, in part with a pretend ride in a pretend plane. Trouble is, Molly becomes dizzy. Loonette is in need of a cure, and Auntie Macassar's postcard may recommend one.

Nothing seems to go right for Loonette. There is nothing in the couch, except for a duck that she thinks is broken. Is it just one of those days? Maybe she needs a comforting word from a guest clown named Wobbly.

Loonette is in a jumping mood. She and Molly jump over to the garden at the start of a rainstorm. They soon discover Major Bedhead is scared of lightning. In an effort to cheer him up, Loonette tells a story about an elephant and a giant bean.

Loonette becomes greedy when she discovers all the coins she has in her piggy bank. She is especially overcome by her ""lucky loonie."" When she takes this loonie outside, Snicklefritz and then Major Bedhead frown on her greedy ways. She then realizes that friends are worth more than money.

Loonette wants to stage a Jumbo Juggling Jamboree, but when she realizes she can't juggle, she gets overcome with ""the jitters.""

After searching for her ball, Loonette goes over to Granny Garbanzo's garden to help make cabbage rolls. A hoop, sent from Auntie Macassar, comes with the song ""Go With The Flow,"" about trying things out.

Loonette is in a growly mood from waking up on the wrong side of the couch (i.e., behind the couch). It takes a great deal of effort and brains for her to lose that grumpy feeling.

Loonette and Molly want to know more about their bodies. They learn that feeling good and looking good can often compliment each other. At Granny Garbanzo's garden, Loonette and Granny help Major Bedhead get rid of his spare tire–which he wore in case his unicycle went flat.

Loonette is full of tricks today. She fools Molly with a boomerang during a game of ""catch."" Outside, she plays a trick on Major Bedhead. But Granny Garbanzo will not let herself be fooled.

First Molly and then Loonette have what they think is a riot with rude faces and noises. It takes a musical lecture from Granny to tell Loonette that there is a time and a place to be rude.

It's time for the annual Feast of Fools dinner party. Granny tells Loonette that the feast reminds clowns of the days when there wasn't much food to go around. When there is plenty of food, it's cause for a celebration which is precisely what Auntie Macassar brings to the feast, in song.