Perpetual and Periodic SystemsRecording Inventory-Related Entries using the Gross Method The following transactions are from Sharper Vision Corporation. 1. Purchased inventory on December 10, 2020, with a list price of $3,750, a trade discount of 20%, and with terms 2/10, n/30. 2. Returned $500 of inventory to the supplier on December 15, 2020. 3. Paid $2,000 cash on account on December 19, 2020. 4. Paid the remaining balance on January 5, 2021. Perpetual inventory system Periodic inventory system a. Prepare journal entries for the transactions 1 through 4, assuming that the company uses the perpetual inventory system and the gross method for recording purchase discounts. Cr. Dr. 1800 1,800 > - . Date Account Name Dec. 10, 2020 Inventory Accounts Payable Dec. 15, 2020 Accounts Payable Inventory Dec. 19, 2020 Accounts Payable Inventory Cash Jan. 5, 2021 Accounts Payable Cash . A Perpetual and Periodic Systems-Recording Inventory-Related Entries using the Gross Method The following transactions are from Sharper Vision Corporation. 1. Purchased inventory on December 10, 2020, with a list price of $3,750, a trade discount of 20%, and with terms 2/10, n/30. 2. Returned $500 of inventory to the supplier on December 15, 2020. 3. Paid $2,000 cash on account on December 19, 2020. 4. Paid the remaining balance on January 5, 2021. Perpetual inventory system Periodic inventory system b. Prepare journal entries for the transactions 1 through 4, assuming that the company uses the periodic inventory system and the gross method for recording purchase discounts. Date Account Name Dr. Cr. Dec. 10, 2020 Dec. 15, 2020 . Dec. 19, 2020 . Cash Jan. 5, 2021