Presented below are selected transactions for Manclave Corporation during July. Jul 1 2 3 4 Sold merchandise to Regina Inc. for $1,000, terms n/30 and no returns are estimated. The merchandise sold cost $600. Purchased merchandise from Novalle Corporation for $5,200, terms 4/10. n/30. Paid freight charges of $150 on items purchased on July 2. Purchased merchandise from Ollie Company Ltd. for $7,500.n/30. Received payment from Regina Inc. for purchase of July 1. Paid Novalle Corporation for July 2 purchase. 10 11 Instructions (a) Record the above transactions for Manclave Corporation, assuming a perpetual inventory system is used. The cost of goods sold on July 1 was determined to be $400. (b) Record the above transactions for Manclave Corporation, assuming a periodic inventory system is used