Exercise 5-18 Journal entries to contrast the periodic and perpetual systems-perpetual and periodic LO2, 7 Refer to the following merchandising transactions for Scout Systems. Nov. 1 Scout Systems purchases merchandise for $3,500 on credit with teres of 3/10, n/30. 5 Scout Systems pays for the previous purchase. 7 Scout Systems receives payment for returned defective merchandise of $200 that was purchased on November 1. 10 Scout Systems pays $310 to transport merchandise to its store.. 13 Scout Systems sells merchandise for $5,600 on account. The cost of the merchandise was $3,300. 16 A customer returns merchandise from the November 13 transaction. The returned item sold for $1,110 and cost $690. The item will be returned to inventory. a. Journalize the above transactions for Scout Systems assuming a periodic system. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 2 3 5 6 7 8 Record purchases on account for $3,500; credit terms of 3/10, n/30. Note: Enter debits before credits. Date Nov. 1 General Journal Debit Credit View general journal Record entry Clear entry b. Journalize the above transactions for Scout Systems assuming a perpetual system. View transaction list Journal entry worksheet < 1 2 3 4 5 6 7 8 Record purchases on account for $3,500; credit terms of 3/10, n/30. Note: Enter debits before credits. Date Nov 1 General Journal Debit Credit Record entry Clear entry View general journal