Rajiv Co had inventory and accounts payable of 110 000 on
Rajiv, Co., had inventory and accounts payable of $110,000 on December 31, 20X7. Data for 20X8 follow:
Gross purchases on account ......... $980,000
Cost of goods sold ............. 920,000
Inventory, December 31, 20X8 ......... 100,000
Purchase returns and allowances ....... 70,000
By using the data, prepare comparative journal entries, including closing entries, for both a perpetual and a periodic inventory system.

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