Some of the transactions of Torres ple during August are listed below August 10 Purchased merchandise on account, $12,000, terms 2/10, n/30. 13 Returned part of the purchase of August 10, $1,200. 15 Purchased merchandise on account, $16,000, terms 1/10, n/60 17 Sold merchandise on account, $20,000, terms 3/15, n/30.The merchandise cost $10,000. 20 Paid invoice of August 10 in full. 25 Purchased merchandise on account, $20,000, terms 2/10, n/30. 28 Paid invoice of August 15 in full. 30 Received from the customer for the sale made on 17 August in full. 30 Received a bill for the transportation fee in August for $1,500, where $850 relates to purchase of merchandise and the remaining relates to sales Required (a.) Prepare journal entries to record the above transactions with the following assumption: i. Torres uses the periodic inventory method. It records the purchase at net amounts and sales at gross amo ii. Torres uses the perpetual inventory method. It records both the purchase (For convenience, Torres uses the Transportation-in account for transportation fees related to purchase, which is later added to cost of goods sold when the financial statements are prepared.) (b.) For a (i) above, prepare the adjusting entry for inventory and cost of goods sold necessary on August 31 if financial statements are to be prepared at that time. Beginning inventory and Ending inventory for August were $5,500 and $41,524 respectively