Ch8-assignment Please summarise the journals of the purchase discount under both methods of perpetual and periodic systems. Comparison of Entries-Perpetual Vs. Periodic Hlustration 5A-2 Transaction May 4 Purchase of merchandise on credit May 6 Freight costs on purchases May & Purchase returns and allowances ENTRIES ON SAUK STEREO'S BOOKS Perpetual Inventory System Periodic Inventory System Merchandise laventory 3.800 Purchases soo Accounts Payable 30 Accounts Payable 30 Merchandise Inventory 1.50 Freight-in 1.50 Cash 150 Cash 150 Accounts Payable 300 Accounts Payable 300 Merchandise lovestory TO Purchase Returns and Allowances 300 Accounts Payable 3.50 Accounts Payable 1.500 Cash 3430 Cash 3430 Merchandise love 70 Purchase Discounts 70 May 14 Payment on account with a discount Transaction May 4 Sale of merchandise credit ENTRIES ON PW AUDIO SUPPLY'S BOOKS Perpetual Inventory System Periodic Inventory System Accounts Receivable 30 Acts Receivable 300 Sales Revente Sales Re Co Goods Sold 2 No any forstof Merchant