Hirsch Company buys inventory for $20,000 on terms of 1/10,n/30. It pays within the discount period. Required: 1. Prepare the joumal entries to record the purchase and the payment under both the (a) gross price and (b) net price methods. Assume that hirsch uses a poriodic inventary system 2. Prepare the joumal entries to record the purchase and payment under both the (a) gross price and the (b) net price methods. Assume that hirsoh uses a perpotual inventory system. CHART OF ACCOUNTS Hirsch Company General Ledger 1a. Prepare the joumal entries to record the purchase on March 14 and the payment on March 22 under the gross price method assuming a periodic inventary system. How does grading work? 1b. Prepare the joumal entries to record the purchase on March 14 and the payment on March 22 under the net price method assuming a periodic inveritory syatem. 2a. Prepare the joumal entries to recond the purchase on March 14 and the payment on March 22 under the gross price method assuming a perpetial imventory syatem. How does sroding work? 20. Prepare the joumal entries to record the purchase on March 14 and the payment on March 22 under the net price method assuming a perpetual imuntoy aystam. How does groding work