Presented below are selected transactions for Scotian Corporation during July.

Jul 1 Sold merchandise to Brunswick Inc. for $800, terms 3/10, n/30. The merchandise sold cost $400.

2 Purchased merchandise from Founders Corporation for $4,500, terms 4/10, n/30.

3 Paid freight charges of $100 on items purchased on July 2.

4 Purchased merchandise from Edward Company Ltd. for $5,000, n/30.

10 Received payment from Brunswick Inc. for purchase of July 1.

11 Paid Founders Corporation for July 2 purchase.

Instructions

1. Record the above transactions for Scotian Corporation, assuming a perpetual inventory system is used. The cost of goods sold on July 1 was determined to be $400.
2. Record the above transactions for Scotian Corporation, assuming a periodic inventory system is used.

Presented below are selected transactions for Scotian Corporation during July.

Jul 1 Sold merchandise to Brunswick Inc. for $800, terms 3/10, n/30. The merchandise sold cost $400.

2 Purchased merchandise from Founders Corporation for $4,500, terms 4/10, n/30.

3 Paid freight charges of $100 on items purchased on July 2.

4 Purchased merchandise from Edward Company Ltd. for $5,000, n/30.

10 Received payment from Brunswick Inc. for purchase of July 1.

11 Paid Founders Corporation for July 2 purchase.

Instructions

1. Record the above transactions for Scotian Corporation, assuming a perpetual inventory system is used. The cost of goods sold on July 1 was determined to be $400.
2. Record the above transactions for Scotian Corporation, assuming a periodic inventory system is used.