A company purchased inventory on account for $320,000. The company returned $34,000 of the inventory to the supplier for credit. Record (1) the purchase of inventory on account and (2) the purchase return, assuming the company uses a periodic inventory system. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet Record the inventory purchased on account for $320,000. Note Enter debits before credita