Numa Co. had inventory and accounts payable of $98,000 on December 31,2017. Data for 20X8 follow:

Gross purchases on account 940,000

Cost of goods sold 910,000

Inventory December 31, 20X8 76,000

Purchases returns and allowances 52,000

1. By using the data above, prepare comparative journal entries, including closing entries for both a perpetual and a periodic inventory system (record debits first, then credits. Explanations are not required. For transactions that do not require an entry, make sure to indicate "no entry required" in the first cell in the accounts column and leave all other cells blank

a.Begin by preparing the following hournal entry to record purchases on account $940,000

b. Prepare the journal entry to record purchase returns and allowance $52,000

c. Prepare the entry to related to the inventory cost (if required)

d1 Record the entry (if required) related ot the transfer of beginning inventory, purchases and purchase related balances

d2 Record the entry (if required) related to the ending inventory

Now prepare the journal entries for a periodic system:

a. Prepare the journal entry to record purchases on account $940,000

b. Prepare the journal entry to record purchase returns and allowance $52,000

c. Prepare the entry to related to the inventory cost (if required)

d1 Record the entry (if required) related to the transfer of beginning inventory, purchases and purchase related balances

d2 Record the entry (if required) related to the ending inventory