Intermediate Financial Accounting, time value of money, revenue recognition problem.

Ivanhoe lCompany uses a perpetual inventory system. Its beginning inventory consists of 78 units that cost $53 each. During June, {1) the company purchased 233 units at $53 each, {2) returned 9 units for credit, and [3) sold 15M units at $78 each. 1. Journalize the June transactions [four entries). 2. If you had used the periodic system instead, explain how each of the four entries in part 1 would have been different (you do not have to actually write the journal entries]