20. On May 1, ABC Company purchased merchandise in the amount of $5,800 from VVV Corporation, with credit terms of 2/10, 1/30. A. ABC uses the perpetual inventory system and the gross method. Using the T-account template below, prepare the entry to recognize the purchase of inventory. Remember, each T-account must be presented under the correct balance sheet category to earn points. ASSETS LIABILITIES EQUITY Non-current Assets Property, Plant & Current Equipmen Investment Assets Intangible Assets/ Other Current Liabilitie Non- Current Liabilitie Contribute d Capital Earned Capital Accumulate dOCI B. ABC uses the periodic inventory system and the gross method. Using the T-account template below, prepare the entry to recognize the purchase of inventory. Remember, each T-account must be presented under the correct balance sheet category to earn points. ASSETS LIABILITIES + EQUITY Non-current Assets Property, Plant & Equipmen Current Assets Non- Current Liabilitie Intangible Assets/ Other Investment Current Liabilitie Contribute d Capital Eamed Capital Accumulate dOCI