Exercise 5-18 Journal entries to contrast the periodic and perpetual systems-perpetual and periodic LO2, 7 Refer to the following merchandising transactions for Scout Systems. Hov. 1 Scont. 5ystens purchases eerchandiso for $3 , 500 on credit with terms of 3/10 , n /30 . 5 5ceut Systens pays for the previous purchase. 1 Scout Systeos rocelves payment for returned defective merchandise of $200 that was purchased on Novenber.1. 10 Scout Systeas pays $310 to transport merchandise to Its store. 13 Seout Systeas sells nerchandise for $5 , 600 on account. The cost of the nerchandise mas $3 , 300 : 16 A custoeen returns merchandise from the November. 13 transaction. The returned itea sold for $1 , 110 and cost $690 . The item whll be returned to inventory. a. Journalize the above transactions for Scout Systems assuming a periodic system. (If no entry is required for a transaction/event, select "No journol entry required" in the first occount field.) Journal entry worksheet 2 ? 3 ? 4 ? 5 ? 6 ? 7 ? 8 ? Record purchases on account for $3 , 500 ; credit terms of 3/10 , n /30 . Note: Enter debits before credits. b. Journalize the above transactions for Scout Systems assuming a perpetual system. Journal entry worksheet 7 8 Record purchases on account for $3 , 500 ; credit terms of 3/10 , n /30 . Note: Enter debits before credits