B. Instructions: Journalize the following transactions for the Periodic System. 5. Purchase $1,600 of merchandise on account. 6. Sold merchandise costing $1,000 on account for $3,000. 7. Paid freight charge of $25 on merchandise purchased. 8. Returned $500 of merchandise previously bought. C. Instructions: Fill-in the blank with the correct term. 9. A business whose income is derived largely from buying or selling goods, rather than rendering services, is known as a(n), irm. 10. The goods on hand at the beginning of the end of the accounting period are called 11. Beginning inventory plus cost of goods purchases will equal. 12. The difference between what was available for sale and what is left at the end of the year is known as the