The following selected transactions were completed by Wyndham Co. during May of the current year:

Date	Transaction
May 3	Purchased merchandise on account from Paddington Co., list price $110,000, trade discount 10%, terms FOB shipping point, 3/10, n/30, with prepaid freight of $1,000.
May 7	Returned merchandise with an invoiced amount of $ 10,000 purchased on May 3.
May 13	Paid Paddington Co. on account for purchase of May 3 less return made on May 7.
May 15	Sold merchandise on account to Miwawi Co., $65,000, terms n/15. The cost of the goods sold was $50,000

Required:

Journalize the transactions using the

perpetual system. (5.5 marks)

periodic system. ( 5 marks)

Under the perpetual system, post the entries to the Account Payable-Paddington Do not write up the other accounts. Then balance-off at the end of March. (2.5)