Perpetual Inventory- Homework 1. Darla's Dresses uses the perpetual inventory system. 7-1: DD purchases a dress on account from Valentino for $20,000 cash. The delivery terms are FOB Shipping Point. 7-1: Pay delivery charges in cash, $2,000. 7-15: Sparrow Smith purchases the dress for $35,000 cash. Record the transactions in the journal. 2. Hallie's Handbags uses the perpetual inventory system. 1-1: Haley's Handbags purchases a handbag for $10,000 on account from Louis Vuitton. The payment terms are 2/10/N/30, and the delivery terms are FOB Destination. 1-5: DD pays the Louis Vuitton Payable in cash. 1-18: Thea Trevor Purchases the handbag for $17,000 cash. Required: Prepare the Journal Entries. 3. Gemma's Gowns uses the perpetual inventory system. 7-1: GG purchased a gown from Vera Wang on Account for $20,000. The payment terms are 2/10/N/30. The shipping terms are FOB Shipping Point. 7-1: Pays shipping costs in cash $1,000 7-17: Pays bill to Vera Wang in cash. 7-22: Tara Taylor purchases the Gown for $30,000 cash Required: Record the Journal entries.