Problem 8-3 Some of the transactions of Flounder Company during August are listed below. Flounder uses the periodic inventory method. August 10 Purchased merchandise on account, $13,700, 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, $18,500, terms 1/10, n/60. 25 Purchased merchandise on account, $22,800, terms 2/10, n/30. 28 Paid invoice of August 15 in full