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below are selected examples of transactions relted to the purchase and sale of merchandise inventory Identify debit an credit effects of a perpetual inventory system is in use. Purchase of $3,500 of inventory for cash inventory of $4,000 of inventory on account, terms 2/10, n/45. ent of $400 cash for freight on purchase of inventory (FOB shipping point) of $750 of inventory to seller for credit on account. (SO 2.3) 4. Return A Ravment of amount owed for purchase of $3,500 of inventory, terms 2/10, n/30, paid within discount period. % Sale of inventory on account, terms n/30. Selling price $10,000; cost of sale $4,000. t of $600 cash for freight on sale of inventory (FOB destination). 7. Payme 8. Return of unwanted inventory from buyer for credit on account, Selling price $1,000; cost of sale $400. Goods re stored to inventory for future resale. 9, Return of damaged inventory from buyer for cash. Selling price $750, cost of sale $300. Goods not resaleable are discarded. 10. Receipt of payment ($6,000) from customer on account, terms n/30. Instructions For each of the above transactions, indicate: (a) the basic type (asset, liability, revenue, or expense) of each account to be debited and credited: (b) the specific name of the account(s) to debit and credit (for example, Merchandise Inventory); and (c) whether ach account is increased (+) or decreased() and by what amount. The first one has been done for you as an example. Account Debited Account Credited Basic Type of Account Specific Basic Type of Account Asset Specific Amount-AcounAmount Asset Merchandise +$3,500 Cash -$3,500 Inventory

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