Dollarmart Inc. uses the periodic inventory system. The beginning inventory was $108,000 and that is the January 1 balance in the inventory account. The ending inventory was $120,000.

The following transactions occurred throughout the year:

1. January 18: Purchased $50,000 of merchandise for resale for cash.
2. March 20: Purchased $80,000 of merchandise for resale on account.
3. April 4: Returned $6,000 of the March 20 purchase.
4. August 22: Purchased $260,000 of merchandise for resale on account.

Required

Using the periodic inventory system, provide all required journal entries for the current year including the December 31 year-end entry.