Problem 8-3 (Part Level Submission) Some of the transactions of Novak Company during August are listed below. Novak uses the periodic inventory method. August 10 Purchased merchandise on account, $11,100, terms 2/10, n/30 13 Returned part of the purchase of August 10, $1,200, and received credit on account. 15 Purchased merchandise on account, $15,700, terms 1/10, n/60 25 Purchased merchandise on account, $19,300, terms 2/10, n/30. 28 Paid invoice of August 15 in full