The following are transactions for Latest Fashions for the month of June. June 2 Purchased $2,000 of inventory under terms 1/10, n/60 and FOB shipping point from Trendy Manufacturing. The merchandise had cost Trendy $1,800. June 7 Returned defective merchandise to Trendy Manufacturing with invoice price of $400. June 8 Paid the freight charges on the purchase from Trendy Manufacturing in cash for $100. June 9 Sold merchandise to New Miss Store on account for $5,000 with terms 2/15, n/60 FOB shipping point. Cost of the merchandise sold was $4,000. June 10 Paid Trendy Manufacturing the balance on account. June 12 Granted sales allowance of $300 to New Miss Store for defective merchandise. June 23 Collected balance owed from New Miss Store. REQUIRED: 1) Refer to table 5-6. Prepare the journal entries for Latest Fashions for the transactions listed, assuming that Latest Fashions uses a perpetual inventory system. 2) Refer to table 5-6. Prepare the journal entries for Latest Fashions for the transactions listed, assuming that Latest Fashions uses a periodic inventory system.