Requlred Information

$[$The following information applies to the questions displayed below.$]$

Plere Imports uses the perpetual system in accounting for merchandise inventory and had the following transactions during the month of October.

October $2$ Purchased merchandise at a $$3,000$ price $($ $$2,940$ net$),$ invoice dated october $2,$ terms $\frac{2}{10},\frac{n}{30}.$

october $10$ Returned $$500($ $$490$ net$)$ of merchandise purchased on October $2$ and debited its accounts payable for that amount.

October $17$ Purchased merchandise at a $$5,400$ price $($ $$5,292$ net$),$ invoice dated october $17,$ terms $\frac{2}{10},\frac{n}{30}.$

october $27$ Paid for the merchandise purchased on october $17,$ less the discount.

october $31$ paid for the merchandise purchased on october $2.$

$($a$)$ Prepare entrles to record the above transactions assuming that Plere Imports records Involces at gross amounts.

$($b$)$ Prepare entries to record the above transactions assuming that piere imports records invoices at net amounts