CV 5.1 Chapter 5 Canvas Homework: Inventory Journal Entries under Perpetual and Periodic Inventory Systems The following transactions occurred in January 2019 for Atlantic Corp: Jan 3 Purchased inventory on account from Cooley Wholesalers, $6,500, Terms 2/15, n/30. Jan 3 Paid shipping bill of $100 related to the Jan 3 purchase. Jan 6 Returned $1,500 of the inventory purchased from Cooley Wholesalers on Jan 3. Jan 8 Sold inventory to Herrick Co, $8,000, on account terms 2/10, n/30. The cost of this inventory was $3,700. Jan 9 Purchased inventory on account from Tyson Inc, $3,600, terms 3/10, n/EOM. Jan 10 Paid Cooley Wholesalers. Jan 12 Received payment from Herrick Co. Jan 13 After a negotiation regarding slightly damaged goods, received a $500 allowance from Tyson Inc. Jan 15 sold inventory to Jasper Inc, $2,700, on account, terms 2/10, n/30. The cost of this inventory was $1,500. Jan 15 Paid shipping bill of $50 related to the Jan 15 sale and delivery to the customer. Jan 22 Paid Tyson Inc. Jan 23 Jasper Inc returned $300 of the inventory sold on Jan 15. The cost of this inventory was $120. The inventory was placed back into sellable inventory. Jan 28 Received payment from Jasper Inc. Requirements: 1) Record the journal entries for the above transactions assuming that Atlantic Corp uses a perpetual Inventory system 2) Record the journal entries for the above transactions assuming that Atlantic Corp uses a periodic inventory system