Merchandising Tralisactions Auditing Observations Income Statement Final Questions You are working as a summer intern for AAA Auditing. You have been asked to help resolve discrepancies noted in the audit for Doilfin Company, a retailer of specialty aquarium supplies. As a merchandising company, Dolfin Company uses the perpetual inventory system. To prepare for this assignment, you have been asked to review your knowledge of sales and purchase transactions by completing the following table. consider the effect of each transaction on the three accounts listed, then use checkmarks to identify which accounts are debited or credited.none of these accounts is affected by the transaction, check the "No Effect" box Cost of Merchandise Sold Merchandise Inventory Debit Credit Inventory No Effect Debit Credit Merchandising Tralisactions Auditing Observations Income Statement Final Questions You are working as a summer intern for AAA Auditing. You have been asked to help resolve discrepancies noted in the audit for Doilfin Company, a retailer of specialty aquarium supplies. As a merchandising company, Dolfin Company uses the perpetual inventory system. To prepare for this assignment, you have been asked to review your knowledge of sales and purchase transactions by completing the following table. consider the effect of each transaction on the three accounts listed, then use checkmarks to identify which accounts are debited or credited.none of these accounts is affected by the transaction, check the "No Effect" box Cost of Merchandise Sold Merchandise Inventory Debit Credit Inventory No Effect Debit Credit