As a result of its annual inventory count, Martinez Corp. determined its ending inventory at cost and at lower of cost and net realizable

value at December $31,2022,$ and December $31,2023.$ December $31,2022,$ was Martinez's first year end. This information is as

follows: Prepare journal entries for the September transactions, assuming that Ayayai uses a periodic inventory system. $($Credit account

titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select $"$No Entry" for the

account titles and enter $0$ for the amounts. List all debit entries before credit entries.$)$

Account Titles and Explanation

Debit

Credit

$($To record purchase on account$)$

$($To record purchase return$)$

$($To record sales on account$)$