Perpetual and Periodic Systems$-$Recording Inventory$-$Related Entries using the Net Method

The following transactions all relate to Sharper Inc.$\text{'}$s purchase of merchandise inventory on December $10.$

Purchased inventory on December $10$ with a list price of $$3,000,$ a trade discount of $20\%,$ and with terms $\frac{2}{10},\frac{n}{30}.$

Returned $$400$ of inventory to the supplier on December $15.$

Reduced accounts payable by $$1,600$ due to a $$1,600$ cash payment to the supplier on December $19$ ; this payment was within the cash discount period.

Paid the remaining balance to the supplier on January $5$ of the following year.

Perpetual inventory systems

Periodic inventory systems

a$.$ Prepare journal entries for the transactions $1$ through $4,$ assuming that the company uses the perpetual inventory system and the net method to record purc Note: Round answers to the nearest dollar.

$\backslash$table$[[$Date$,$Account Name,,,Dr$.,$Cr$.],[$Dec$.10,$Inventory,hat$(),,2,352vv,0vv$