17 Bascomb Company purchased $420,000 in inventory on account during the month of April, and inventory costing $350,000 was sold on account for $425,000. Required: 1. Prepare journal entries to record the purchases and sales assuming Bascomb uses a perpetual inventory system. 2. Prepare journal entries to record the purchases and sales assuming Bascomb uses a periodic inventory system. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare journal entries to record the purchases and sales assuming Bascomb uses a perpetual inventory system. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet < 1 2 3 Record the purchase assuming Bascomb uses a perpetual inventory system. Note: Enter debits before credits. Transaction General Journal Debit Credit