Provide the solution that is required, making sure to demonstrate how you obtained the answer. 4) Bascomb Company purchased $420,000 in merchandise on account during the month of April, and merchandise costing $350,000 was sold on account for $425,000. Required: 1. Prepare journal entries to record the purchases and sales assuming Bascomb uses a perpetual inventory system. (3 points) 2. Prepare journal entries to record the purchases and sales assuming Bascomb uses a periodic inventory system. (2 points) sn 810 Don n a 5) Meteor Co. purchased merchandise on March 4, 2018, at a price of $30,000, subject to credit terms of 2/10, n/30. Meteor uses the net method for recording purchases and uses a periodic inventory system. Required: (3 points) 000.000 1. Prepare the journal entry to record the purchase. 2. Prepare the journal entry to record the appropriate payment if the entire invoice is paid on March 11, 20 3. Prepare the journal entry to record the appropriate payment if the entire invoice is paid on April 2, 2018 Pa