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Transactions Using the Periodic and Perpetual Inventorv Svstem Transaction Periodic svstem Perpetual svstem Purchased June 5: $30,000 of merchandise on account, terms 2/10, n/30 June 8: Returned merchandise purchased on account on June 5, $500 June 15: Paid for purchase of June 5, less return of $500 and discount of $590 [($30,000 $500)*2%) June 18: Sold merchandise o account, $12,500 1/10, n/30. The cost of the merchandise sold was $9.000