Purchases—Periodic System Identify and analyze each of the following transactions of Wolverine Corporation. The company uses the periodic system.

March 3: Purchased merchandise from Spartan Corp. for $2,500 with terms of 2/10, n/30. Shipping costs of $250 were paid to Neverlate Transit Company.

March 7: Purchased merchandise from Boilermaker Company for $1,400 with terms of n/30.

March 12: Paid amount owed to Spartan Corp.

March 15: Received a credit of $500 on defective merchandise purchased from Boilermaker Company. The merchandise was kept.

March 18: Purchased merchandise from Gopher Corp. for $1,600 with terms of 2/10, n/30.
March 22: Received a credit of $400 from Gopher Corp. for spoiled merchandise returned to Gopher. This is the amount of credit exclusive of any discount.
April 6: Paid amount owed to Boilermaker Company.
April 18: Paid amount owed to Gopher Corp.AppendixLO1