Question 2: 15 marks (Record purchase transactions using journal entries) Swank Imports uses a periodic inventory system. The following summarized transactions for the year ending 31 December 2021 . For simplicity, it's assumed the beginning and ending balances in accounts payable were zero. 1. Purchases (all using trade credit), $900,000 2. Purchases returns and allowances, $40,000 3. Freight in, $74,000 paid in cash 4. Payment for all credit purchases, less returns and allowances and cash discounts on purchases of $18,000. Required: (Guideline: Textbook page 346 "Costs Included in Inventory Purchases" refers) Prepare journal entries for the above summarized transactions, brief description of the journal entries you made is required