Q.4 The Frontier Shop is a small company that sells a single product. The product is a high- cost Camcorder manufactured by a large Japanese company. Sales are made primarily to chains of electronic stores and large discount stores. All accounting records are maintained by a full-time employee using commercial accounting software and a personal computer. The following are recent merchandising transactions: Mar. 6 Purchased eight camcorders from Waldum Industries on account. Invoice price, $350 per unit, for a total of $2,800. The terms of purchase were 2/10, n/30. Mar. 11 Sold two of these camcorders for $600 cash. Mar. 16 Paid the account payable to Waldum Industries within the discount period. Instructions a. Prepare journal entries to record these transactions assuming that Frontier's records purchases of merchandise at: [Marks 04] 1. Net cost 2. Gross invoice price