3 required transactions:

1. Record the purchase of inventory on account.

2. Record the sale of inventory on account.

3. Record the cost of inventory sold.

A company uses a perpetual system to record inventory transactions. The company purchases inventory on account on February 9, 2021, for $60,000 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 2 3 Record the purchase of inventory on account. Note: Enter debits before credits. Date General Journal Debit Credit Feb 09, 2021 Record entry Clear entry View general journal