"Fvercise 5.18 Journal entries to contrast the periodic and perpetual systems-perpetual and periodic 9 LO2, ( 7 Journalize the following merchandising transactions for Scout Systems assuming (a) a periodic system, and (b) a perpetual system. Nov. I Scout Syatems purchases merchandise for $4.400 on credit with terms of 2/10, n/30. 5 Scout Sysems pays for the peevious purchase 7 Scout Systems receives payment for returned defective merchand he of $500 that was purchased on November I. 10 Scout Systems pJys $400 to transport metchandive to its store. 13 Scout Systems sells merchandise for $6,500 on account. The cost of the merchandive was $4,200. 16. A customer teturns merchandise from the Norember 13 transaction. The retarned item sold for 51.200 and enst 5780 . The item wis be returned to inventory