6.3 Merchandise transactions - Periodic inventory system (1) A company has the following inventory transactions during May: May 3: Purchases inventory on account for $3,500, terms 2/10, n/30. May 5: Pays freight costs of $200 on inventory purchased on May 3. May 6: Returns inventory with a cost of $500. May 12: Pays the full amount due on May 3 purchase. May 25: Sells all inventory purchased on May 3(less those returned on May 6) for $5,000 on account. Required: Record all transactions, assuming the company uses a periodic inventory system. 6.4 Merchandise transactions - Periodic inventory system (2) Presented here are selected transactions for Puffin Company during April. Puffin Company uses the periodic inventory system. April 1: Sold merchandise to Mallard Company for $2,000 on terms of 2/10, n/30. The merchandise sold had a cost of $1,000. April 2: Purchased merchandise from Plover Corporation for $3,000 on terms of 1/10, n/30. April 4: Purchased merchandise from Gannet Company for $1,000 on terms of n/30. April 10: Received payment from Mallard Company for April 1 sale less appropriate discount. April 11: Paid Plover Corporation for April 2 purchase. April 13: Paid Gannet Company for April 4 purchase. Required: Journalize the April transactions for Puffin Company