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 Systens purchases merchandise for $3,800 on credit with terms of 3/10, 1/30. 5 Scout systems pays for the previous purchase. Scout Systens receives payment for returned defective merchandise of $380 that was purchased on November 1. 10 Scout Systens pays $340 to transport merchandise to its store. 13 Scout Systens seils merchandise for $5,988 on account. The cost of the merchandise was $3,600. 16 A customer returns nerchandise from the November 13 transaction. The returned item sold for $1,140 and cost $728. The item will be returned to inventory. a. Journalize the above transactions for Scout Systems assuming a periodic system. Of no entry is required for a transaction/event. select "No journal entry required in the first account field) Vlow transaction list Journal entry worksheet