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Effects of Transactions on the inventory Account Perpetual System Rand Wholesale Company purchases merchandise from a variety of manufacturers and sells the merchandise to a variety of retailers, All sales are subject to a cash discount (2/10 perpetua inventory system The February 1 balance in Rand's inventory account was a $140,000 debit: The following transactions occurred during February Feb 2. Purchased 516,000 ot merchandise from Swett Manufacturing terms are 1/10, 1/30 5 Paid 1350 Freight on the February 2 purchase. 11 Paid Sweet for the February 2 purchase 19 Purchased 113.000 of merchandise from Tayler Manufacturing are 2/10.45 36 Received a $1,100 allowance on the February 13 purchasince some of the merchandise was the wrong sze. All of the merchandises salable at regular prices 17 Purchased 113.200 of merchandise from or industriesters are 2/10, 1/30 20 Sold merchandise with a price of $12.000 (110 200 cost to Valley Mart 22 Valley Mart returned 20 percent of the merchandise from the Feb 20 sale. 22 Paid Tayler Manufacturing for the February 13 purchase 28 Paid Zor industries for the February 17 purchase Required Prepare a schedule that shows the impact of these transactions on Rand's inventory account. Use the following headings Date Transaction Debit Amount Credit Amount Account Balance Feb1Balance 2 Purchase Sweet 5. Treight - Sweet 11 Payment Sw 1 Required Prepare a schedule that shows the impact of these transactions on Rand's Inventory account. Use the following headings: Date Transaction Debit Amount Credit Amount Account Balance Feb. 1 Balance 2 Purchase - Sweet 5 Freight-Sweet 11 Payment Sweet 13 Purchase - Tayler 16 Purchase allowance - Tayler 17 Purchase - Zorn 20 Sale - Valley Mart 22 Sales return - Valley Mart 23 Payment - Tayler 28 Payment - Zom Previous Save Answers