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 $7,500, a trade discount of 20%, and with terms 2/10, n/30. 2. Returned $1,000 of inventory to the supplier on December 15, 2020. 3. Paid $4,000 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. Dr. Cr. 6,000 0 A 0 6,000 Date Account Name Dec. 10, 2020 Inventory Accounts Payable Dec. 15, 2020 Accounts Payable Inventory Dec. 19, 2020 Accounts Payable Inventory 1,000 0 1 0 1,000 . 2,000 x 0 . 0 0 x Cash 4,000 x OX Jan. 5, 2021 0 x 0 Accounts Payable Cash A O 0 x