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Journalize the following merchandising transactions for CSI Systems assuming it uses (a) a periodic inventory system and (b) a perpetual inventory...
Journalize the following merchandising transactions for CSI Systems assuming it uses (a) a periodic inventory system and (b) a perpetual inventory system.1. On November 1, CSI Systems purchases merchandise for $1,400on credit with terms of 2/5, n/30, FOB shipping point; invoice datedNovember 1.2. On November 5, CSI Systems pays cash for the November 1 purchase.3. On November 7, CSI Systems discovers and returns $100 of defectivemerchandise purchased on November 1 for a cash refund.4. On November 10, CSI Systems pays $80 cash for transportationcosts with the November 1 purchase.5. On November 13, CSI Systems sells merchandise for $1,500on credit. The cost of the merchandise is $750.6. On November 16, the customer returns merchandise from theNovember 13 transaction. The returned items sell for $200 and cost $100.
