The Golden Company made the following transactions during the year:

Instructions 1. Record the above transactions in general journal form, assuming that Golden Company uses the perpetual inventory system and records purchases at the gross amount.
2. Record the above transactions in general journal form, assuming that Golden Company uses the periodic inventory system and records purchases at the gross amount.
Instructions for General Ledger Software The Problem Menu lists two versions of this problem, one for each part.
1. Assuming that Golden Company uses the perpetual inventory system, record the transactions in the general journal, with purchases recorded at the gross amount. Print the journal entries.
2. Assuming that Golden Company uses the periodic inventory sytem, record the transactions in the general journal, with purchases recorded at the gross amount. Print the journal entries.

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Jan. 2 Bought merchandise on account from Upton Products; terms 2/10, n/30; FOB destination; $7,640. 4 Received credit memo no. 1421 from Upton Products for the return of merchandise bought on January 2, $426. 11 Issued check no. 2912 to Upton Products, in payment of the invoice dated January 2. 14 Sold merchandise on account to C. N. Lewis, $3,510; the cost of the merchandise was $2,492. 30 Sold merchandise on account to S. T. Clark, $4,672; the cost of the merchandise was $3,317. Dec. 31 Made adjusting entries: The ending merchandise inventory deter- mined by physical count is $140,316. The beginning inventory was