Question: A company uses a perpetual system to record inventory transactions. The company purchases inventory on account on February 9, 2021, for $56,000 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.) 1. Record the purchase of inventory on account. 2. Record the sale of inventory on account. 3. Record the cost of inventory sold.
Question: A company uses a perpetual system to record inventory transactions. The company purchases inventory on account on February 9, 2021, for $56,000 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.) 1. Record the purchase of inventory on account. 2. Record the sale of inventory on account. 3. Record the cost of inventory sold.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Question: A company uses a perpetual system to record inventory transactions. The
company purchases inventory on account on February 9, 2021, for $56,000 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.)
1. Record the purchase of inventory on account.
2. Record the sale of inventory on account.
3. Record the cost of inventory sold.
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