1. Pay a supplier $6,000 for goods purchased on credit. 2. Accept payment of $5,500 from a customer allowing a discount of $500. 3. A physical stock take revealed inventory on hand of $6,700 but the balance in the inventory ledger account is $7,200 Dr. Required: Drop and drag to complete the journal entries for these transactions applying the perpetual Inventory method. Entries in GJ must follow order of transactions Particulars Debit Credit 0 Accounts Receivable $6,200 $6,000 Accounts Payable Inventory no entry Bank Inventory Gain $5,500 Discount Revenue Discount Expense Inventory Loss $500 $5,700 $5,500 Discount R Inventory Loss $500 $5,700 Briefly explain which method of recording for inventory retail is more appropriate for this business Paragraph BIS