2) Merchandising Activities (12 points) One Lightning Corp. sold merchandise for $450 which cost them $200 on account. The customer was dissatisfied with some of the goods and returned $100 worth (sales price) and received a cash refund. Instructions: (a) What Journal Entries should One Lightning Corp. enter at the time sold and at the time of the return? Assume that One Lightning Corp. uses a Perpetual Inventory System. Date Account Titles Debit Credit At time of Sale At time of Return (b) If One Lightning Corp. uses a Periodic Inventory System, what entries should be made? Date Account Titles Debit Credit At time of Sale At time of Return 2) Merchandising Activities (12 points) One Lightning Corp. sold merchandise for $450 which cost them $200 on account. The customer was dissatisfied with some of the goods and returned $100 worth (sales price) and received a cash refund. Instructions: (a) What Journal Entries should One Lightning Corp. enter at the time sold and at the time of the return? Assume that One Lightning Corp. uses a Perpetual Inventory System. Date Account Titles Debit Credit At time of Sale At time of Return (b) If One Lightning Corp. uses a Periodic Inventory System, what entries should be made? Date Account Titles Debit Credit At time of Sale At time of Return