AP-15A

Inventory: Merchandising Transactions Chapter 7 AP-15A LO 2 3 8 ach business transaction in the table below, identify which accounts are debited and credited. Do this for both the perpetual and periodic inventory systems. Periodic Inventory Perpetual Inventory System System Transaction CR DR DR 1. Purchased inventory on account 2. Returned a portion of the inventory purchased in transaction 1 3. Paid for remaining invoice balance after taking advantage of the early payment discount 4. Sold inventory on account 5. Customer found that a portion of goods sold in transaction 4 were of lower quality; however, she agreed to keep them at a 10% discount 6. Customer paid the remaining invoice balance after taking advantage of an early payment discount AP-16A LO 4 in narrentage