Effects of Transactions on the Inventory Account-Perpetual System Rand Wholesale Company purchases merchandise from a variety of manufacturers and se perpetual inventory system. The February 1 balance in Rand's Inventory account was a $120,000 debit. The following tra Feb 2 Purchased $13,600 of merchandise from Sweet Manufacturing; terms are 1/10, n/30. 5 Paid $330 freight on the February 2 purchase. 11 Paid Sweet for the February 2 purchase. 13 Purchased $11,000 of merchandise from Tayler Manufacturing: terms are 2/10, n/45. 16 Received a $900 allowance on the February 13 purchase since some of the merchandise was th 17 Purchased $10,200 of merchandise from Zorn Industries: terms are 2/10, n/30. 20 Sold merchandise with a list price of $10.000 ($8.200 cost) to Valley Mart. 79F