Sales of Merchandise: Periodic Inventory System SE 8. Record in T account form the following transactions, assuming the periodic inventory system is used: Aug. 4 Sold merchandise on credit to Rivera Company, terms n/30, FOB destination, S5,040. 5 Paid transportation costs for sale of August 4, S462. 9 Part of the merchandise sold on August 4 was accepted back from Rivera Company for full credit and returned to merchandise inventory, $1,470. Sept. 3 Collected in full the amount due from Rivera Company for merchandise sold on August 4, Icss the return on August 9