Record the following transactions in the General Journal of J. R. Santos Inc. using the: (a) perpetual and (b) periodic method of accounting: July 1"Owner invested $33,500 cash into the business. 1st Purchased merchandise for $7,520 from supplier Franc Co. on terms 2/15, n/30.FOB shipping point. 1"Paid $320 freight for the merchandise. Paid $2,250 rent. Paid $360 for supplies Bought furniture for $3,000 cash Paid $220 for advertising. 2nd 3rd 4th 5th 6th 10th 12th 14th 20th Received a $2,520 credit memorandum from Franc Co. acknowledging the return of merchandise because of damaged packaging. Paid the balance due to Franc Co., less return and discount. Sold merchandise to customer Phillips for $4,700. Cost of merchandise is $2,500. Terms: 3/15, N/30 Issued a credit memorandum to Phillips for $2,350 because of wrong color merchandise. Cost of merchandise returned is $1,250. Received the balance due from Phillips, less return and discount.

Record the following transactions in the General Journal of J. R. Santos Inc. using the: (a) perpetual and (b) periodic method of accounting: July1 "Owner invested $33,500 cash into the business. 1st Purchased merchandise for $7,520 from supplier Franc Co. on terms 2/15, n/30.FOB shipping point. 1 Paid $320 freight for the merchandise. 2 Paid $2,250 rent. 3n Paid $360 for supplies 40 Bought furniture for $3,000 cash 5t Paid $220 for advertising. 6) Received a $2,520 credit memorandum from Franc Co, acknowledging the return of merchandise because of damaged packaging. 10a Paid the balance due to Franc Co., less return and discount. 12t Sold merchandise to customer Phillips for $4,700. Cost of merchandise is $2,500. Terms: 3/15,N/30 14. Issued a credit memorandum to Phillips for $2,350 because of wrong color merchandise. Cost of merchandise retumed is $1,250. 20 Received the balance due from Phillips, less return and discount