League Ltd$.$ Company uses a perpetual inventory system. Record the following entries Part A

Part B

for the month of November, $2027.$ Explanations are not required

Nov $1$: League Ltd$.$ Co$.$ purchased merchandise from The Party Place for $$4,100$

under credit terms of $\frac{2}{10},\frac{1}{30},\frac{n}{60},$ FOB destination.

Nov $5$: Sold merchandise on account to Red Lilly Company for $$1,000$ FOB

destination. This merchandise had cost League Ltd$.$ $$515.$ Terms of sales $2/10,$ n$30.$

Nov $6$: Paid cash $$50$ for freight charges on Nov. $5$ sale.

Nov $9$: Granted credit to Red Lilly for shipment of the wrong merchandise. The

selling price was $$175$ and the cost to League Ltd$.$ was $$75.$ The merchandise was

returned to inventory.

Nov $12$: Purchased on account a computer from IBM in the amount of $$1,200.$

Nov $25$: Received a credit memorandum in the amount of $$700$ acknowledging the

return of merchandise purchased from The Party Place on November $1.$

Nov $29$: Paid the balance due to The Party Place.

Nov $30$: Red Lilly Company paid their account in full.

Required:

a$)$ Journalize the transactions for League Ltd$.$ Company, using the perpetual

inventory system.

b$)$ Identify two transactions that would be recorded differently if the League Ltd$.$

Company used a periodic inventory system. $($record the entries identified in the

general journal supplied$).$ Please see attached excel sheet structure and fill it out in a table format with all the rows filled.