BATIIM Unit 1 Activity 10 Practice Exercise 1 - Periodic vs. Perpetual Inventory Analyze each of the following transactions and record journal entries under both the: (1} periodic inventory system, and {2} perpetual inventory system. a) Purchased $1000 of inventory on terms 21'10 n30 [2% discount if paid within 10 days otherwise the total or net amount is due in 30 days) is) Returned $200 of inventory from purchase made in (a) c} Paid for purchase made in (a) within 10 days d) Paid for purchase made in (a) within 30 days e) Sold the merchandise for $1600 for terms 2H 0 n30 {assuming you had paid for merchandise within 10 days) 1') Customer returned 1/5 of items they purchased in (e) 9] Customer paid for the purchase they made in (e) in 10 days h) Customer paid for the purchase they made in (e) in 30 days