Perpetual Inventory System Note: A new business with no beginning inventory Mar. 1 Purchased copiers from Xerox Co, for $1,000 each: terms 2/10, n/30. 4 Paid Freight Delivery Co, $500 to deliver the copiers to our business. Returned copiers to Xerox Co, for a refund. Paid Xerox Co, the full amount due on the Mar, 1 purchase. Sold copiers to Connie Customer for $2,500 each: terms 1/10,n/30. Paid Freight Delivery Co, $150 to deliver the copiers to Customer. Granted Customer a $200 allowance for cosmetic damage to one of the copiers. Received full payment of the amount due from Customer. Divided by units in inventory - \$Revised Cost per unit x Units Sold '= Cost of goods sold 1. What account was debited when inventory was purchased on March 1? dollar amount 2. What account was debited when freight was paid on the purchase of inventory on Mar. 4? 3. What account was credited when goods were returned to the supplier on Mar, 5? dollar amount 4. What account was credited when a discount was taken when the merchandiser paid the supplier? What was the amount of the discount? 5. Look at the Merchandise Inventory account in the Ledger. What five events affected this account and resulted in a balance of $15,000 ? 1. 2. 3. 4. 5