K.22 Purchase and Sales TransactionsPeriodic Inventory System On September 4, Lalonde Lte sells merchandise on account to Guerette Corp., terms 2/10, n/45. The selling price of the goods is $3,000. On September 8, goods with a selling price of $600 are returned for credit and restored to inventory. On September 13, Lalonde receives payment in full from Guerette. Record the transactions on the books of both com- panies, assuming a periodic inventory system is used. You are required Seller: Prepare only one entry to record the sale and do not record the cost of the sale. Prepare only one entry to record the return of goods and do not record the cost of the return. Calculate sales discounts using the amount owing, net of any sales returns. Buyer: Record purchases of inventory, returned goods, and purchase discounts in separate accounts. Calculate purchase discounts using the amount owing, net of any purchase returns.