Presented below are selected transactions for ABC Company during May. May 2 Purchased merchandise on account from X Corporation for $9,500 (2/10, n/30). 3 Sold merchandise to Brown and Company for $1,800 (2/10, n/30). The merchandise sold cost 60% of the sales price. 6 Purchased merchandise on account from Y Company Ltd. for $3,500 (2/10, n/30). 8 Paid freight charges of $50 on items purchased on May 4. 10 Received payment from Brown. for purchase of May 3., 15 Paid X Corporation for May 2 purchase. 15 Paid Y Company for May 6 purchase. Instructions (a) Record the above transactions for ABC Company, assuming a periodic inventory system is used. (b) Record the above transactions for ABC Company, assuming a perpetual inventory system is used.