Pacific Supply Corporation uses a periodic inventory system. During September, the following transactions occurred:Sep 3 Purchased 36 backpacks at $25 each from Scott Limited, terms 2/10, n/30.6 Received credit of $100 for the return of 4 backpacks purchased on Sept. 3 that were defective.9 Sold 20 backpacks for $45 each to Macklin Books, terms 2/10, n/30.13 Paid Scott account in full.InstructionsPrepare journal entries to record the above transactions.

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The Answer of Pacific Supply Corporation uses a periodic inventory system. During September, the following transactions occurred:Sep 3 Purchased 36 backpacks at $25 each from Scott Limited, terms 2/10, n/30.6 Received credit of $100 for the return of 4 backpacks purchased on Sept. 3 that were defective.9 Sold 20 backpacks for $45 each to Macklin Books, terms 2/10, n/30.13 Paid Scott account in full.InstructionsPrepare journal entries to record the above transactions.

Pacific Supply Corporation Uses a Periodic Inventory System