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Perpetual and Periodic Systems-Recording Inventory-Related Entries Using the Gross Method The following transactions...

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Accounting

Perpetual and Periodic Systems-Recording Inventory-Related Entries Using the Gross Method
The following transactions all relate to Sharper Inc.'s purchase of merchandise inventory on December 10.
Purchased inventory on December 10 with a list price of $10,500, a trade discount of 20%, and with terms 210,n30.
Returned $1,400 of inventory to the supplier on December 15.
Reduced accounts payable by $5,714 due to a $5,600 cash payment to the supplier on December 19 ; this payment was within the cash discount period.
Paid the remaining balance to the supplier on January 5 of the following year.
o. Prepare journal entries for the transactions 1 through 4, assuming that the company uses the periodic inventory system and the gross method for recording purchase discounts.
Note: Round answers to the nearest whole dollar.
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