Record the journal entries for the transactions assuming that Atlantic Corp uses a perpetual inventory system

Record the journal entries for the transactions assuming that Atlantic Corp uses a periodic inventory system

CV-5.1Chapter 5 Canvas Homework: Inventory Journal Entries under Perpetual and Periodic Inventory SystemsThe following transactions occurred in January 2019 for Atlantic Corp:Jan 3 Purchased inventory on account from Cooley Wholesalers, $6,500, Terms 2/15, n/30.Jan 3Paid shipping bill of $100 related to the Jan 3 purchase.Jan 6 Returned $1,500 of the inventory purchased from Cooley Wholesalers on Jan 3.Jan 8Sold inventory to Herrick Co, $8,000, on account terms 2/10, n/30. The cost of this inventory was$3,700.Jan 9 Purchased inventory on account from Tyson Inc, $3,600, terms 3/10, n/EOM.Jan 10 Paid Cooley Wholesalers.Jan 12 Received payment from Herrick Co.Jan 13 After a negotiation regarding slightly damaged goods, received a $500 allowance from Tyson Inc.Jan 15 Sold inventory to Jasper Inc, $2,700, on account, terms 2/10, n/30. The cost of this inventory was$1,500.Jan 15 Paid shipping bill of $50 related to the Jan 15 sale and delivery to the customer.Jan 22 Paid Tyson Inc.Jan 23 Jasper Inc returned $300 of the inventory sold on Jan 15. The cost of this inventory was $120. Theinventory was placed back into sellable inventory.Jan 28 Received payment from Jasper Inc.Requirements:1) Record the journal entries for the above transactions assuming that Atlantic Corp uses a perpetualinventory system2) Record the journal entries for the above transactions assuming that Atlantic Corp uses a periodicinventory system.