Refer to the situation described in BE 8–8. Record (1) the purchase of inventory on account  (2) the purchase return, assuming the company uses a periodic inventory system.

Data from in BE 8-8

A company purchased inventory on account for $250,000. The company returned $20,000 of the inventory to the  supplier for credit. Record (1) the purchase of inventory on account  (2) the purchase return, assuming the  company uses a perpetual inventory system.