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: Your company bought $1,000 (+13% HST) of merchandise for cash. Periodic Accounts: HST Recoverable, Purchases, and Bank. Perpetual Accounts: HST Recoverable, Inventory and Bank 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. (Periodic Accounts: Bank, Purchase Discounts, Accounts Payable; Perpetual Accounts: Accounts Payable, Bank, and Inventory). Value of Purchase of Invoice before payment is $551.55 Defective Merchandise that you bought several weeks ago was returned for a cash refund. It was $700 (+13% HST). The cost of the returned merchandise was $400. Periodic Accounts: Bank, HST Payable, Sales Returns; Perpetual Accounts: Bank, HST Payable, Sales Returns, Cost of Goods Sold, and Invenotry You sold $2,000 (+ 13% HST) of inventory to a customer for cash. The value ofthe merchandise was $1,200. Periodic Accounts: Sales, HST Payable, and Bank; Perpetual Accounts: Sales, HST Payable, Bank, Cost of Goods Sold, and Inventory 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 Accounts: Bank, Freight-in, HST Recoverable; Perpetual Accounts: Inventory, HST Recoverable, and Bank Periodic Method Perpetual Method mm _Iia_-il