Presented below are transactions related to Tom Brokaw, Inc.and Dan Rather Corp.Dan Rather offers cash discount terms of 2/10, n/30 to its customers.

May 10

Tom Brokaw purchased goods from Dan Rather for $15,000. The cost of the goods to Dan Rather is $3,000.

11

Tom Brokaw returned $1,500 of goods to Dan Rather (cost = $300).

19

Tom Brokaw paid the May 10 purchase, net of returns.

20

Tom Brokaw purchased goods from Dan Rather for $13,200. The cost of the goods to Dan Rather is $2,000.

As of May 31, Tom Brokaw has not paid Dan Rather for the May 20 purchase.A physical count revealed inventory of $26,430 (gross) and $26,166 (net).

1:Journalize the transactions assuming the use of aperpetualinventory system under thegrossmethod.

2:Journalize the transactions assuming the use of aperpetualinventory system under thenetmethod

3:Journalize the transactions assuming the use of aperiodicinventory system under thegrossmethod. Skip the end of the month journal entry to record COGS and update Inventory.

4:Journalize the transactions assuming the use of aperiodicinventory system under thenetmethod. Skip the end of the month journal entry to record COGS and update Inventory.