E5B-31 Journalizing purchase and sales transactions-periodic inventory system Learning Objective8 Appendix5B Journalize the following transactions for Master Bicycles using the periodic inventory system. Explanations are not required. Nov. 2 Purchased $3,400 of merchan- dise inventory on account under terms 2/10, n/EOM and FOB shi pping point. 6 Returned $800 of defective mer- chandise purchased on No- vember 2. 8 Paid freight bill of $100 on No- vember 2 purchase. 10 Sold merchandise inventory on account for $6,100. Payment ter ms were 3/15, n/45. 11 Paid amount owed on credit pur chase of November 2, less the eturn and the discount. 22 Received cash from November 10 customer in full settlement o f their debt, less the discount