Question 9 (27 marks) (NO DATES OR EXPLANATIONS REQUIRED) Prepare journal entries for the following merchandising transactions assuming: A. A perpetual inventory system, and B., a periodic system. a) Nov 1 Purchased merchandise from Costmore Lid. for $3,000 on credit with terms of 1/10. n/30, FOB shipping point b) Nov 3 Paid $200 for shipping charges for the purchase of Nov 1 c) Nov 10 Paid Costmore Lid for the merchandise purchased on Nov 1 d) Nov 11 Returned 10% of the merchandise to Costmore Lid from the Nov 1 purchase e) Nov 13 Sold merchandise to Cedar Inc. for $2.000 on account (cost of the merchandise was 5750) terms 2/15, 1/60 FOB destination 1) Nov 14 Paid the $50 transportation charges to deliver the merchandise sold to Cedar ing 9) Nov 16 Cedar Inc returned an item from the November 13 sale. The item had sold for $200 and cost 575. The item is damaged and will not be returned to inventory h) Nov 20 Cedar Inc. received a price reduction of $100 regarding the November 13 sale 1) Nov 27 Cedar Inc paid the balance due from sale on November 13 A. A perpetual Inventory system B. A periodic inventory system Nov 1 Nov 3 NOV 10 Nov 11 Nov 13 Nov 14 Nov 16 Nov 20 Nov 27