Exercise 6 Use the following transactions for BigMount Company and answer the questions listed below: A) BigMount purchases shoes from Nike on credit. B) BigMount returns defective shoes to Nike before payment is made to Nike for the shoes purchased in transaction A. C) BigMount pays for the shoes purchased from Nike. D) BigMount sells shoes to its customers for cash and on credit. E) Credit customers return shoes to BigMount for a refund. F) Credit customers pay their account balances to BigMount. Required: For each transaction described above, describe the economic effects of the transaction on the company under a periodic inventory system