Question A3 To answer this question, you need to (1) refer to the following chart of accounts and (2) use gross method to record purchase of merchandise. Chart of Account 1. Accounts Payable 2. Accounts Receivable 3. Cash 4. Cost of Goods Sold 5. Freight In 6. Freight Out 7. Inventory 8. Purchases 9. Purchase Discounts 10. Purchase Returns and Allowances 11. Sales 12. Sales Discounts 13. Sales Returns and Allowances K-Mart store completed the following transactions in March 2022. Mar 2 K-Mart purchased merchandise inventory for $1,200 on credit with terms of 2/10, net 30. 2 K-Mart paid a $75 freight charge to transport merchandise to its store. 4 K-Mart returned $300 merchandise purchased on Mar 2 because of defects. 8 K-Mart paid its supplier for purchase on Mar 2. 10 K-Mart sold $2,400 merchandise on credit with terms of 3/15, net 90. The cost of the merchandise was $1,600. 10 K-mart shipped the above merchandise to the customer's warehouse and paid $100 transportation cost. 18 The customer returned part of the merchandise bought on Mar 10. The returned items sell for $800 and cost $600. 22 The customer paid the merchandise bought on Mar 10. 31 A physical count taken at the end of March revealed $250 merchandise was damaged. Required: Prepare journal entries for the above transactions for K-Mart store, using (a) perpetual inventory method. (b) periodic inventory method. (13 marks) (12 marks)