Gagetron Ltd, uses a perpetual inventory system. The company maintains special journalss - Purchases (merchandise inventory for resaie): - Sales (sales on account and the related cost of goods sold): - Cash receipts fall cash receipts, including payment by customers on account and cash sales and the related cost of goods sold, but also miscellaneous receipts); and - Cash disbursements (payments to suppliers on account, but also miscellaneous payments). The company also maintains a general journal. The company has the following transactions during the year- a. Collected $100,700 from customers on account. b. Collected $68,700 from customers for cash sales; these goods had a cost of $41,600. c. Sold merchandise on account, $86,600; these goods had a cost of $51,900 d. Bought merchandise inventory on credit, $402,800. e. Pald $56,900 for dividends to common shareholders. f. Paid $13,700 for rent. 9. Borrowed $53,600 from the bank. h. Accepted a return from a customer and cancelled the related $11,600 sale. These goods had a cost of $7,100 1. Paid for $312,400 of the inventory previously bought on credit. 1. Return merchandise inventory purchased on credit to the supplier. in the amount of $16,400