Sapphires Ltd uses a perpetual inventory system. During July 2020, the following transactions and events occurred: July 3 6 Purchased $3,500 of inventory; terms 4/10,n/60. Cost of Inventory was $900 Returned $400 of the inventory purchased on July 3. Paid for the goods purchased on July 3. Sold goods on credit for $3,500; terms 5/10, n/30. Cost of Inventory was $1900 12 13 Required: (1) Prepare the journal entries to record the transactions. Ignore GST. (5.5 Marks) (2) Prepare the journal to record the first transaction (i. e. 3 July) assuming that Sapphires Ltd uses a periodic inventory system and the purchase price of $3,564 is GST inclusive. (1.5 Marks). Narrations are NOT required (Both account names and figures should be correct in order to award marks.) (Type your response directly into the template in the text box below.)