Perpetual Inventory Systems:

Periodic Inventory Systems:

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. 1. Purchased inventory on December 10 with a list price of $3,375, a trade discount of 20%, and with terms 2/10, n/30. 2. Returned $450 of inventory to the supplier on December 15 . 3. Reduced accounts payable by $1,800 due to a $1,800 cash payment to the supplier on December 19 ; this payment was within the cash discount period. 4. Paid the remaining balance to the supplier on January 5 of the following year. on December 31. Note: Round answers to the nearest dollar. 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. 1. Purchased inventory on December 10 with a list price of $3,375, a trade discount of 20%, and with terms 2/10, n/30. 2. Returned $450 of inventory to the supplier on December 15 . 3. Reduced accounts payable by $1,800 due to a $1,800 cash payment to the supplier on December 19 ; this payment was within the cash discount period. 4. Paid the remaining balance to the supplier on January 5 of the following year