The following transactions occur in July 2017 relating to the business of Joseph Leung (Assume Perpetual System)

July
2	Purchased $100,000 of merchandise on credit from Eva Tsang
3	Sold merchandise costing $10,000 to Jack Liu for $20,000 cash; invoice number 17
9	Sold merchandise costing $20,000 to Robert Chau for $30,000; terms 5/20, n/30; invoice number 18
15	Sold $6,000 of used office equipment to Jay Company for cash
22	Received cash from Robert Chau in full settlement of the amount due from the sale of 9 July
24	Sold merchandise costing $5,000 to Johnny Mak for $4,000; terms n/20; invoice number 19
29	Sold merchandise costing $40,000 to S&T Company for $60,000; terms 6/10, n/30; invoice number 20
31	Received cash from Johnny Mak in full settlement of the amount due from the sale of 24 July

Required

a) Prepare a sales journal using the layout shown in the textbook or course materials and record the above transactions with it where appropriate. Post the relevant entries from it into the T-accounts in the subsidiary ledgers and the month-end entries to the relevant T-accounts in the general ledger. (The same account numbers from the textbook or course materials can be used.) b) Prepare a cash receipts journal using the layout shown in the textbook or course materials replacing Sale Discount with Cash Discount or Discount Allowed. (You can add in additional columns if they are considered necessary.) Record the above transactions with it where appropriate. Post the relevant entries from it into the appropriate T-accounts in the subsidiary ledgers and the month-end entries to the relevant T-accounts in the general ledger. (You can use the same T accounts prepared for part (a) of the question.) c) Discuss the differences in the special journals between a company using a perpetual inventory systems and one using a periodic inventory system.