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 12 13 $1900 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)