Journalize the following transactions using both the Perpetual and Periodic methods. The gross method is used for purchase discounts. Record the adjusting entry for Cost of Goods Sold and Inventory as required by the corresponding method.

On 4/1, $1,000,000 of inventory is purchased on account. Terms of 2/10, net 30 are offered.

On 4/6, $10,000 of defective inventory is returned. The amount of the return is credited to the companys account

On 4/9, The remaining payable from 4/1 is paid

On 4/15, Company sells inventory with a book value of $700,000 for $1,250,000 to customers on account.