Question 1 Not complete Marked out of 1.00 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 $3,000, a trade discount of 20%, and with terms 2/10, n/30. 2. Returned $400 of inventory to the supplier on December 15. 3. Reduced accounts payable by $1,600 due to a $1,600 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. Perpetual inventory systems Periodic inventory systems a. Prepare journal entries for the tran Note: Round answers to the nearest dollar. Date Dec. 10 Inventory Jan. 5 Dec. 15 Accounts Payable Inventory Dec. 19 Accounts Payable Cash Accounts Payable Dec. 31 Interest Expense Account Name Flag question Accounts Payable To record adjusting entry for interest. Accounts Payable Cash 1 through 4, assuming that the company uses the perpetual inventory system Dr. 2352 0 392 0 1600 O O 0 Cr. 0 2352 0 392 0 1600 0 0 0 0 net method to record purchases. Include any adjusting entry required on December 31. Question 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 $3,000, a trade discount of 20%, and with terms 2/10, n/30. 2. Returned $400 of inventory to the supplier on December 15. 3. Reduced accounts payable by $1,600 due to a $1,600 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. Perpetual inventory systems Date Dec. 10 Dec. 15 Not complete Dec. 19 Marked out of 1.00 b. Prepare journal entries for the transactions 1 through 4, assuming that the company uses the periodic inventory system and the net method to record purchases. Include any adjusting entry required on December 31. Account Name Cr. Dec. 31 Jan. 5 Flag question Periodic inventory systems To record adjusting entry for interest. A Dr. 0 0 0 0 0 0 0 O O 0 0 0 0 0 0 0 0 0 O O 0 0 OO 0