ND Problem #1 PERPETUAL INVENTORY SYSTEM Purchase Entries Dr ar 7 Oct 4 - Purchased $36,000 of merchandise, terms 2/10, 1/30 Oct 6-Paid the freight costs of $400 in cash 10 11 12 13 Oct 9 - Returned $2,000 of the merchandise as damaged. 14 15 Tb Oct 30-Paid the proper amount due to the vendor Sale Entries Dr. Cr. 17 18 19 20 21 22 23 24 25 25 Oct 7 - Sold merchandise costing $1,300 for $2.500 ! Oct 9 - The customer returned $100 of the merchandise for credit 27 28 29 30 37 32 33 Cot 29 - Received the proper amount due from the customer 35 d be made for each of the transactions given Problem #2: Calculate the missing amounts PERIODIC INVENTORY SYSTEM Dr. ar A 90,300 1,000 B 51,200 2,200 500 1,900 600 60,700 Sales Sales R&A.. Sales Discounts........ Net Sales... Cost of Goods Sold...... Gross Profit... Total Expenses.......... Net Income (loss)......... 88,400 62,000 100 33,200 36,800 41,800 11,200 9,100 due Dr CA 100