Perpetual inventory system: transactions and closing entries
Danny's Wholesale Company uses a perpetual inventory system.A partial chart of accounts is shown below,followed by a series of merchandising transactions.Indicate the accounts that should be debited and credited in recording each transaction.(Ignore sales taxes. ) 
Definitions:
Contemporary Exchange
Modern-day transactions or interactions, which can be economic, social, or cultural, reflecting current practices and values.
Rational Choice Theories
Rational choice theories are based on the premise that individuals make decisions by calculating the costs and benefits of various actions to maximize their personal advantage.
Coterminous
means sharing the same boundaries or extent in space, time, or meaning.
Exchange Theory
A theoretical framework suggesting that social behavior is the result of an exchange process aiming to maximize benefits and minimize costs to individuals.
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