The McNeil Company carried out the following transactions during the year:

Instructions 1. Assuming that McNeil Company uses the perpetual inventory system, record the transactions in general journal form, with purchases recorded at the gross amount.
2. Assuming that McNeil Company uses the periodic inventory system, record the transactions in general journal form, with purchases recorded 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 McNeil 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 McNeil Company uses the periodic inventory system, record the transactions in the general journal, with purchases recorded at the gross amount. Print the journal entries.

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Jan. 3 Bought merchandise on account from Sadler, Inc.; terms 2/10, n/30; FOB destination; $12,200. 5 Received credit memo no. 1642 from Sadler, Inc., for the return of merchandise bought on January 3, $720. 12 Issued check no. 2141, payable to Sadler, Inc., in payment of the invoice dated January 3. 20 Sold merchandise on account to Schick and Son, $6,420; the cost of the merchandise was $5,292. 30 Sold merchandise on account to O'Donnell and Company, $5,212; the cost of the merchandise was $3,744. Dec. 31 Made the following adjusting entries: The ending inventory deter- mined by physical count is $225,814. The balance in the Inventory account under the perpetual inventory system is $225,975. The beginning inventory was $198,524. Accrued interest on notes pay- able is $79. Accrued interest on notes receivable is $112. Allowance for Doubtful Accounts is to be increased by $1,540.