Question 2 (54 points) All questions must be answered on-line in the space provided. #2 54 marks, suggested time 32 minutes You are to record journal entries for transactions a through fthat follow in the grid below. Debits must come before and be on a separate line from credits. There are extra rows in the grid. You are not required to provide explanations, but you should show calculations. You can click on the grid to make the grid larger on your screen. a) Birch uses the perpetual inventory method and records sales, sales returns, and related entries under IFRS presuming an expected sales return of 396. Birch had sales of to Maple of $8,000, on credit. The goods cost Birch $5,000. Prepare any entries needed by Birch. Date Debit account Credit account Debit $ Credits I b) Maple purchases goods on credit from Birch at a cost of $8,000. Maple uses the periodic method. Record the entry for Maple. Date Debit account Credit account Debit $ Credit $ b) c) Maple returned to Birch goods that sold on credit for $200. The goods had cost Birch $125 and were returned to inventory. Record the entries for Birch that uses the perpetual method and IFRS. 1 Date Debit account Credit account Debit $ Credits c) . d) Maple returned to Birch goods that sold on credit for $200. Record the entry for Maple that uses the periodic method. Date Debit account Credit account Debit $ Credits d) e) Prepare the closing entry to close out salaries expense of $50,000 at the end of an accounting period. Date Debit account Credit account Debit $ Credits e) f) At the end of the accounting period, Birch's inventory had a cost of $35,000 and a net realizable value of $30,000. Prepare the adjusting entry for Birch that uses the perpetual method