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Question III (16 marks) Required: Journalize the following merchandise transactions for Boys and Girls Club...

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Question III (16 marks) Required: Journalize the following merchandise transactions for Boys and Girls Club assuming a. A periodic system, and b. A perpetual system Nov 01 Nov 05 Nov 07 Boys and Girls Club purchases inventory for $4 400 on credit with terms of 2/10,n30. Shipping costs amounted to $400. FOB shipping point Boys and Girls Club pays for the previous purchase Boys and Girls Club receives a payment for returned defective inventory of $500 that was purchased on Nov 01 transport Boys and Girls Club sells inventory for $6.500 on account. The cost of the merchandise was $4,200 Nov 16 A customer returns inventory from Nov 13 transaction. The returned item sold for $2,200 and cost $780. The item will be returned to inventory

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