Varsity Auto Sales uses a perpetual inventory system On April 1 the new car inventory records show total inventory of ( $ 140,000 ) consisting of the following During April the following purchases and sales were made on account Apr 5 Purchased three custom sedans for ( $ 14,000 ) each 7 Sold two cu...

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Varsity Auto Sales uses a perpetual inventory system. On April 1 the new car inventory records show

Question:

Varsity Auto Sales uses a perpetual inventory system. On April 1 the new car inventory records show total inventory of $\$ 140,000$ consisting of the following:

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During April the following purchases and sales were made on account:
Apr. 5 Purchased three custom sedans for $\$ 14,000$ each.
7 Sold two custom sedans for $\$ 18,200$ each.
13 Purchased two recreational vans for $\$ 18,000$ each.
17 Sold one custom sedan for $\$ 18,500$.
20 Purchased two convertibles for $\$ 16,000$ each.
22 Returned one convertible purchased on April 20 for $\$ 16,000$ credit.
24 Sold three recreational vans for $\$ 24,000$ each.
28 Sold one convertible for $\$ 21,000$.
\section*{Instructions}
Journalize the transactions using a perpetual inventory system.