Periodic and Perpetual Systems-Recording Purchases and Sales and Year-End Adjustments; Preparing an Income Statement Carlisle Company reports the following summary results from its transactions during 2020 for its main product. Total expenses (excluding damaged goods, cost of goods sold, and income taxes) were $47,800. Begninning inventory Units Unit Price 6,000 $18 (cost) Purchases 20,000 $18 (cost) Purchase returns 1,000 $18 (cost) Sales (gross) 18,000 $25 (selling price) Sales returns 100 $25 (selling price) Damaged merchandise (unsalable) 100 $18 (cost) Ending inventory or physical count (salable) 6,900 Inventory shortage ? 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. 1. Purchase of inventory 2. Return of inventory to suppliers 3. Sale of inventory 4. Return of sales from customers 5. Write-off of inventory 6. Recording of expenses 7. Year-end adjustment for any inventory shortage