Question: For SE7, what is the difference between the T account transactions under the periodic method and T account transactions under the perpetual method? LO4 Purchases

For SE7, what is the difference between the T account transactions under the periodic method and T account transactions under the perpetual method?

LO4 Purchases of Merchandise: Perpetual Inventory System SE6. Record each of the following transactions using T accounts, assuming the perpetual Aug. 2 Purchased merchandise on credit from Vera Company, invoice dated August 1, August 2 shipment, invoice dated August 1, terms n/30, $105. inventory system is used: terms n/10, FOB shipping point, $1,150. 3 Received bill from Strauss Shipping Company for transportation costs on 7 Returned damaged merchandise received from Vera on August 2 for credit, 10 Paid in full the amount due to Vera for the purchase of August 2, part of $180. which was returned on August 7. Purchases of Merchandise: Periodic Inventory System SE7. Record the transactions in SE6 using T accounts, assuming the periodic inventory system is used. Los

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