Your company completed the following transactions in chronological order: a. Purchased $600 or merchandise on account, terms 2/10,n30. b. Paid the account within 10 days. c. Sold $400 of merchandise on account for $920. d. Collected the account in part "c." e. Returned $21 of merchandise to the supplier and received a cash refund. f. Several other inventory transactions took place throughout the year, but your company had $23,200 of beginning inventory and ended the year with $19,750 in inventory. Instructions: 1. Prepare entries for the transactions above assuming the perpetual system of inventory and the NET method for discounts. 2. Prepare entries for the transactions above assuming the periodic system of inventory and the GROSS method for discounts