Periodic and Perpetual Systems$-$Recording Purchases and Sales and Year$-$End Adjustments; Preparing an Income Statement

Required

Perpetual Inventory System

Periodic Inventory System

Multiple$-$Step Income Statements

a$.$ Prepare the following journal entries for the transactions summarized above assuming that the company uses the perpetual inventory system.

Purchase of inventory for cash.

Return of inventory to suppliers for cash.

Sale of inventory on account and cost of sales entries.

Return of sales from customers for cash.

Write$-$off of inventory. Charge any inventory write$-$off directly to Cost of Goods Sold.

Recording of other expenses for cash.

Year$-$end adjustment for any inventory shortage. PLEASE HELP WITH PERIODIC INVENTORY SYSTEM & MULTI STEP INCOME STATEMENT