Elite Enterprises entered into the transactions listed below:

Problem 4 Merchandise Transactions Elite Enterprises entered into the transactions listed below: 1 Purchased merchandise from Celeste Co. on credit for $14,000, terms 2/10, n/30. 6 Purchased $12,400 of merchandise from Ace Co. on credit (no discount offered). 7 Paid for half of the goods purchased from Celeste (on July 1). Received the appropriate discount. 8 Returned $2,000 of the items purchased on July 6. 9 Paid freight charges of $240 on the items purchased July 6. 12 Sold merchandise on credit to Light Co. for $8,700. The merchandise had an inventory cost of $6,400. 14 Of the merchandise sold to Light Co. on July 12, $800 of it was returned. The items had cost the store $500. 16 Received payment from Light Co. for the balance owed. 17 Paid Ace Co. the balance owed. 22 Paid Celeste the balance owed (purchased on July 1), receiving no discount. Required: Don't forget returns when you pay balances! 1) Prepare all journal entries for July for Elite Enterprises, assuming the use of the perpetual inventory system. 2) Prepare all journal entries for July for Elite Enterprises, assuming the use of the periodic inventory system