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Record the following Purchases transactions using both the periodic and perpetual system QUESTION# 4-ACCOUNTING FOR MERCHANDISING TRANSACTIONS Record the following Purchases transactions using both the

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QUESTION# 4-ACCOUNTING FOR MERCHANDISING TRANSACTIONS Record the following Purchases transactions using both the periodic and perpetual system August 3 August 6 Purchased $18,500 of merchandise from Dennis & Co; terms 2/10, net 30 Returned $4,200 of defective merchandise from the August 3 purchase and received full credit. Paid for the August 3 purchase. August 13 Explanation Debit Credit Method Periodic Date Aug 3 Perpetual Aug 3 SEO Periodic Aug 6 Perpetual Aug 6 Periodic Aug 13 Perpetual | Aug 13

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