Heritage Company engaged in the following transactions in October:

LO 4 Trading Transactions: Periodic and Perpetual Inventory Systems Oct. 7 Sold goods on credit to Larry Hill, terms \(\mathrm{n} / 30\), FOB shipping point, 3,000 (cost, 1,800).

8 Purchased goods on credit from Tower Company, terms n/30, FOB shipping point, 6,000 9 Paid Kendall Company for shipping charges on goods purchased on October 8, 254.

10 Purchased goods on credit from Centre Company, terms \(n / 30\), FOB shipping point, 9,600 , which includes 600 freight costs paid by Centre.

13 Purchased office supplies on credit from Phelan Company, terms n/10, 2,400.

14 Sold goods on credit to Mary Walton, terms \(\mathrm{n} / 30\), FOB shipping point, 2,400 (cost, 1,440 ).

14 Returned damaged goods received from Tower Company on October 8 for credit, 600.

17 Received cheque from Larry Hill for his purchase of October 7.

18 Returned a portion of the office supplies received on October 13 for credit because the wrong items were sent, 400 .

19 Sold goods for cash, 1,800 (cost, 1,080).

20 Paid Centre Company for purchase of October 10.

21 Paid Tower Company the balance from the transaction of October 8 and the transaction of October 14.

24 Accepted from Mary Walton a return of goods, which was put back in inventory, 200 (cost, 120 ).

1. Prepare general journal entries to record the transactions, assuming the periodic inventory system is used.

2. Prepare general journal entries to record the transactions, assuming the perpetual inventory system is used.