Journalize the following merchandising transactions for CSI Systems assuming it uses

(a) a periodic inventory system and

(b) a perpetual inventory system.

1. On November 1, CSI Systems purchases merchandise for $1,400 on credit with terms of 2/5, n/30, FOB shipping point; invoice dated November 1.

2. On November 5, CSI Systems pays cash for the November 1 purchase.

3. On November 7, CSI Systems discovers and returns $100 of defective merchandise purchased on November 1 for a cash refund.

4. On November 10, CSI Systems pays $80 cash for transportation costs with the November 1 purchase.

5. On November 13, CSI Systems sells merchandise for $1,500 on credit. The cost of the merchan¬

dise is $750.

6. On November 16, the customer returns merchandise from the November 13 transaction. The returned items sell for $200 and cost $100. nk5