Journalize the following merchandising transactions for Scout Systems assuming: (a) a periodic…

 
   

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Journalize the following merchandising transactions for Scout Systems assuming: (a) a periodic system, and (b) a perpetual system. Nov. 1 Scout Systems purchases merchandise for $4,400 on credit with terms of 2/10, n/30. 5 Scout Systems pays for the previous purchase. 7 Scout Systems receives payment for returned defective merchandise of $500 that was purchased on November 1. 10 Scout Systems pays $400 to transport merchandise to its store. 13 Scout Systems sells merchandise for $6,500 on account. The cost of the merchandise was $4,200. 16 A customer returns merchandise from the November 13 transaction. The returned item sold for $1,200 and cost $780. The item will be returned to inventory. Continue to next pg …..View Solution:
Journalize the following merchandising transactions for Scout Systems assuming a