Some of the transactions of Torres Company during August are listed below. Torres uses the periodic inventory method. August 10 Purchased merchandise on account, $12,000, 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, $16,000, terms 1/10,n/60. 25 Purchased merchandise on account, $20,000, terms 2/10,n/30. 28 Paid invoice of August 15 in full. Assuming that purchases are recorded at gross amounts and that discounts are to be recorded when taken: Describe how the various items would be shown in the financial statements. BI V T T'I EE | 11 * 1 # ma O Word(s)