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

The following transactions all relate to Sharper Inc.$$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 $2/10,$ 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 purchases. Include any adjusting entry required

b$.$ Prepare journal entries for the transactions $1$ through $4,$ assuming that the company uses the periodic inventory system and the net method to record purchases. Include any adjusting entry required on December $31.$