Accounting records for Richard Corporation yield the following data for the year ended December 31, 20X6: (Click the icon to view the accounting records.) Requirements 1. Journalize Richard's inventory transactions for the year under the perpetual system. 2 Report ending inventory, sales, cost of goods sold, and gross profit on the appropriate financial statement. Requirement 1. Journalize Richard's inventory transactions for the year under the perpetual system. (Record debits first, then credits. Explanations are not required. Leave unused cells blank.) The first transaction is the purchase of inventory. Record the entry. Journal Entry Date Accounts Debit Credit December 31 The next transaction is the sale of inventory. Record the entry. (Do not record the cost related to the sale. We do this in the next journal entry.) Journal Entry Date Accounts Debit Credit December 31 The last entry is recording the cost of inventory. Record the entry. Journal Entry Date Accounts Debit Credit December 31 Requirement 2. Report ending inventory, sales, cost of goods sold, and gross profit on the appropriate financial statement. (Leave unused cells blank.) Report the appropriate account(s) on the balance sheet. Balance Sheet: Current assets: Report the appropriate account(s) on the income statement. Income Statement: Accounting records for Richard Corporation yield the following data for the year ended December 31, 20X6: (Click the icon to view the accounting records.) Requirements 1. Journalize Richard's inventory transactions for the year under the perpetual system. 2 Report ending inventory, sales, cost of goods sold, and gross profit on the appropriate financial statement. Requirement 1. Journalize Richard's inventory transactions for the year under the perpetual system. (Record debits first, then credits. Explanations are not required. Leave unused cells blank.) The first transaction is the purchase of inventory. Record the entry. Journal Entry Date Accounts Debit Credit December 31 The next transaction is the sale of inventory. Record the entry. (Do not record the cost related to the sale. We do this in the next journal entry.) Journal Entry Date Accounts Debit Credit December 31 The last entry is recording the cost of inventory. Record the entry. Journal Entry Date Accounts Debit Credit December 31 Requirement 2. Report ending inventory, sales, cost of goods sold, and gross profit on the appropriate financial statement. (Leave unused cells blank.) Report the appropriate account(s) on the balance sheet. Balance Sheet: Current assets: Report the appropriate account(s) on the income statement. Income Statement