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 $4,400 on credit with terms of 2/10, n/30. 5 Scout Systems pays for the previous purchase. 7 Scout Systems receives payment for returned defective merchandise of $500 that was purchased on November 1. 10 Scout Systems pays $400 to transport merchandise to its store. 13 Scout Systems sells merchandise for $6,500 on account. The cost of the merchandise was $4,200. 16 A customer returns merchandise from the November 13 transaction. The returned item sold for $1,200 and cost $780. The item will be returned to inventory. 8. 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 < 2 3 4 5 6 7 8 Record the return of merchandise to inventory. Goods were returned from the customer. The returned item was sold for $1,200 and cost was $780. Note: Enter debits before credits. Next