Perpetual vs Periodic Inventory Systems Time left 1:03:27 For the transaction shown below, indicate which account should be debited or credited by placing the appropriate number in each column assuming the use of a (1) Perpetual Inventory System and (2) Periodic Inventory System. Note: some transactions may require more than one entry. 1. Cash 2. Accounts receivable 3. Merchandise Inventory Transactions Purchase inventory on credit 4. Accounts Payable 5. Sales 6. Sales returns & allow. Perpetual inventory 7. Purchases 8. Purchase retums & allow. 9. Cost of goods sold Periodic Inventory System system Account Account Account debited credited debited Account credited