Part A (16 marks) Happy Merchandising Company uses the perpetual inventory system and the gross method of accounting for purchases and sales, and had the following transactions during September Sept! Sold merchandise on credit for $6,000, terms 3/10, 1/30. The items sold had a cost of $2,500. Purchased merchandise for cash, $3,500 Purchased merchandise on credit for $3,800, terms 1/20, n/30. Customer returns $2,500 of merchandise purchased July 1. The returned items had a cost of $1,050. The returned items are restored to inventory and the customer's Accounts Receivable is credited Received payment for merchandise sold on Sept 1. Granted an allowance from the seller for the return of defective merchandise purchased on Sept 3 for $800. Paid freight charges of $100 for merchandise ordered last month. (FOB shipping point) Paid for the merchandise purchased Sept 3 less the portion that was returned. 10 15 19 22 Required: Prepare the general journal entries (without explanations) to record these transactions. (16 marks) Part B: (4 marks) 1. Briefly describe the periodic inventory accounting system and the perpetual inventory accounting system 2. Explain what is inventory shrinkage