Mar. $2$ Sold seven sets of clubs on account to Flex Golf Club for $$560$ each, cost of goods sold is $$2,765.$ Terms $\frac{2}{10},\frac{n}{30}.$

$2$ Martin Sperts paid cash of $$275.$ to ship clubs to Flex Gold Club

$4$ Flex Golf Club returned two sets of clubs. Martin returned the clubs to inventory.

$11$ Flex Golf Club paid the account in full.

$15$ Purchased eight sets of clubs from Taylor Sports Canada at $$395,$ terms n$/30.$

$17$ Freight of $$600$ on the purchase from Taylor was FOB destination and was paid by the appropriate party.

$18$ Sold six sets of clubs at $$560$ each for cash, and gave a $5\%$ discount to the customer for paying cash. Each set of clubs cost $$395.$

$22$ Purchased $11$ sets of clubs from Lopez Golf for $$400$ each, terms $\frac{3}{10},\frac{n}{30}.$

$24$ Returned one set of clubs to Lopez Golf because they were defective.

$31$ Paid the Lopez Golf account.

Required:

a$)$ Using the perpetual invertory system, prepare the journal entries to record the transactions for the month of March. $(21$ Marks$)$

b$)$ Prepare each entry that is different under a periodic inventory system. $($if you include entries that are not different in your joumal marks will be deducted$).(7$ Marks$)$