Q.1 Bassem Company purchased OMR420,000 in merchandise on account during the month of April, and merchandise costing OMR $350,000 was sold on account for OMR 425,000. Required: 1. Prepare journal entries to record the purchases and sales assuming Bassem uses a perpetual inventory system. 2. Prepare journal entries to record the purchases and sales assuming Bassem uses a periodic inventory system