Record the journal entries for each of the transactions below using BOTH merchandise accounting methods: Periodic and Perpetual.Do not add explanations or PR.

Transactions:

1.Your company bought $1,000 (+13% HST) of merchandise for cash.

2.Your firm made a payment to an inventory supplier on account. The amount paid was $535, and you took the following terms: 3/10, n30.

3.Defective Merchandise that you bought several weeks ago was returned for a cash refund. It was $700 (+13% HST)

4.You sold $2,000 (+ 13% HST) of inventory to a customer for cash. The value of the merchandise was $1,200.

5.You paid Federal Express to ship one of your recent inventory purchases to yourself. The bill was $200 (+13% HST). You paid it in cash.