1.(101). Perpetual Inventory System: Transactions and Closing Entries (16 pts) Manhattan Wholesale Company uses a perpetual inventory system. A partial chart of accounts is shown below, followed by 1 Cash 50 Sales 2 Accounts Receivable 60 Cost of Goods Sold a series of merchandising transactions 5 Inventory 99 Income Summary 30 Accounts Payable 40 Retained Earnings Account(s) Accounts) Transactions Debted Credited Example Sold merchandise for cash 1,60 50,5 A Purchased merchandise on account B Sold merchandise on account C Pad the supplier of the merchandise in transaction A D Collected cash from the customer in transaction B E The physical inventory at year-end disclosed a normal amount of ventory shrinkage F Made an entry to close the revenue account D G Made an entry at year end to chise the Cost of Goods Sold account H Claced the Income Summary accouer at the end of an profitable year debited or credited in the journal entry or adjusting entry (Ignore sales taxes). For entries with two debits or credits.put both so the number(s) of the accounts to be numbers separated by a comma.or it will be counted as wrong: An example has been provided. For (B) below.remember there are TWO ENTRIES made for SALES in a perpetual system. For (H) below, it is asking for the closing entry for an UNPROFITABLE year. (a) debit(s) (a) creditis) (b) debats) b) credit c) debitis) (d) debitts) c) creditis (d) credes) (e) depi (e) che