Howard, Inc. is a merchandising company that began operations on January 1, 2019. During January, the following inventory transactions occurred January Transactions: Jan. Howard purchased merchandise on account for $12,000. 11 Howard returned some of the merchandise purchased on Jan. 11, and the supplier credited Howard's account. The 15 cost of the merchandise retuned was $700 20 Howard sold merchandise that cost $3,500 for $5,000 in cash. Required: Assume that Howard uses a perpetual inventory system. Prepare the jounal entries to record the January inventory transactions. 1 2. Assume that Howard uses a periodic inventory system. Prepare the journal entries to record the January inventory transactions. Be sure to include any adjusting entries necessary Cunluata thie etatement