A company uses a perpetual system to record inventory transactions. The company purchases inventory on account on February 9, 2021, for $59,000 and then sells this inventory on account on March 7, 2021, for $79,000. Record the transactions for the purchase and sale of the inventory. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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A company uses a perpetual system to record inventory transactions. The company purchases inventory on account on February 9,
2021, for $59,000 and then sells this inventory on account on March 7, 2021, for $79,000.
Record the transactions for the purchase and sale of the inventory. (If no entry is required for a particular transaction/event, select
"No Journal Entry Required" in the first account field.)
View transaction list
Journal entry worksheet
1
3
Record the purchase of inventory on account.
Note: Enter debits before credits.
Date
General Journal
Debit
Credit
Feb 09, 2021
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Transcribed Image Text:A company uses a perpetual system to record inventory transactions. The company purchases inventory on account on February 9, 2021, for $59,000 and then sells this inventory on account on March 7, 2021, for $79,000. Record the transactions for the purchase and sale of the inventory. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 3 Record the purchase of inventory on account. Note: Enter debits before credits. Date General Journal Debit Credit Feb 09, 2021 < Prey 56 of 60 Next > g88 FA FV2 A F7 F9 F10 FI 吕0 F3 FB F6 % $ 4. @ # 2 3 5 6 7 8 9 { R Y U P W S D F G H K > C V alt command option mand V LE
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