Exercise 3: Journal Entries in both Periodic and Perpetual Systems Required: Using the gross method for purchase discounts, identify the required journal entry for each transaction under both a perpetual inventory system and periodic inventory system. Transactions Perpetual System Periodic System Purchase of inventory, $50,000, terms 2/10, n. 30. Freight on above merchandise, $1,000 paid in cash on delivery. Price allowance received for defective merchandise, $600 Returned merchandise for credit, $2,000 - Paid for merchandise within the discount period. (Compute balance in AP related to this invoice. Then compute discount taken) Assume that the company did not pay within the discount period. They must pay the entire invoice amount