3. Journal Entries Record the journal entries for each of the transactions below using BOTH merchandise accounting methods: Periodic and Perpetual. Do not add explanations or PR. Transactions: 1. Your company bought $1,000 (+13% HST) of merchandise for cash. 2. Your firm made a payment to an inventory supplier on account. The amount paid was $535, and you took the following terms: 3/10, n30. 3. Defective Merchandise that you bought several weeks ago was returned for a cash refund. It was $700 (+13% HST) 4. You sold $2,000 (+ 13% HST) of inventory to a customer for cash. The value of the merchandise was $1,200 5. You paid Federal Express to ship one of your recent inventory purchases to yourself. The bill was $200 (+13% HST). You paid it in cash. Periodic Method Perpetual Method Date Particulars PR DR CR Date Merchandise 1.130.00 Particulars PR DR CR HST Recoverable Merchandise 130.00 1.130.00 Bank HST Recoverable 130.00 1.000.00 Bank 1,000.00 2. Accounts Payable 635.00 2. Accounts Payable 535.00 Purchase Discount 16.05 Bank Merchandise Inventory 618.95 16.05 Bank 518.95 3 1 Bank 791.00 3. Bank HST Recoverable 791.00 91.00 Purchase Returns HST Recoverable 700.00 91.00 Merchandise 700.00 4. Cash 2.280.00 HST Payable 4. Cost of Goods Sold 1.200.00 280.00 Merchandise Inventory Sales 2,000.00 1,200.00 5. Bank Freight-in 2,260.00 228.00 HST Recoverable HST Payable 26.00 280.00 Sales Revenue Bank 200.00 2,000.00 5. Freight-in 228.00 HST Recoverable 26.00 Bank 200.00