Pajot Corporation recorded the following 2 transactions during January: January 1 purchased 33 units for $12.20 each January 16 paid off the January 1st purchase. Which of the following is true concerning the above transactions? Select one:

a. Under a periodic system, the January 1st journal entry will include a debit to purchases of $402.60

b. Under a periodic system, the January 1st journal entry will include a debit to inventory of $402.60

c. The January 16th entry includes a debit to sales under the perpetual system or a credit to inventory under the periodic system of $402.60

d. There will be no entry made relating to the transaction on January 1st.