Bascomb Company begins 2013 with $ 20,000 in inventory, during the year it purchases on account $420,000 of merchandise and during the month of April, merchandise costing $350,000 was sold on account for $425,000. The JE to record the sales according to the perpetual inventory system. A/R 425,000 Sales revenue 425,000 COGS Inventory 350,000 350,000 A/R 425,000 Sales revenue 425,000 COGS Inventory 420,000 420,000 AR 425,000 Sales revenue 425,000 Inventory 420,000 COGS 420,000 A/R 425,000 Sales revenue 425,000 Inventory COGS 350,000 350,000