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1. Journal Entries

Record the journal entries for each of the transactions below using BOTH merchandise accounting methods: Periodic and Perpetual. Do not add explanations or PR.

Transactions:

1. Your company bought $1,000 (+13% HST) of merchandise for cash.

2. Your firm made a payment to an inventory supplier on account. The amount paid was $535, and you took the following terms: 3/10, n30.

3. Defective Merchandise that you bought several weeks ago was returned for a cash refund. It was $700 (+13% HST)

4. CYou sold $2,000 (+ 13% HST) of inventory to a customer for cash. The value of the merchandise was $1,200. (the 1200 is for theOGS at the end)

5. You paid Federal Express to ship one of your recent inventory purchases to yourself. The bill was $200 (+13% HST). You paid it in cash.

I did the periodic method but can you check if i did it right? Pls do perpetual method

Periodic Method						Perpetual Method
Date	Particulars	PR	DR	CR		Date	Particulars	PR	DR	CR
1	Inventory		1130
	Bank + HST Recoverable 130			1000
2	Inventory		535
	Bank			16.05
	Account Payable			518.95
3	Bank		791
	HST Recoverable		91
	Inventory			700
4	Revenue			2000
	Bank			2000
5	Shipping Expense		226
	Bank			226
	COGS
Only inveotry	1130 + 535 + 1200 - 791		2074

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