Brief Exercise 8-2 (Algo) Perpetual system; journal entries [LO8-1] Litton Industries uses a perpetual inventory system. The company began its fiscal year with inventory of $273,000. Purchases of merchandise on account during the year totaled $875,000. Merchandise costing $908,000 was sold on account for $1,480,000. Prepare the journal entries to record these transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 2 3 > N Record the merchandise purchased on account for $875,000. Note: Enter debits before credits. General Journal Debit Credit Transaction 1 Record entry Clear entry View general journal Brief Exercise 8-2 (Algo) Perpetual system; journal entries [LO8-1] Litton Industries uses a perpetual inventory system. The company began its fiscal year with inventory of $273,000. Purchases of merchandise on account during the year totaled $875,000. Merchandise costing $908,000 was sold on account for $1,480,000. Prepare the journal entries to record these transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 2 3 > Merchandise costing $908,000 was sold on account for $1,480,000. Record the sale. Note: Enter debits before credits. General Journal Debit Credit Transaction 2 Record entry Clear entry View general journal Brief Exercise 8-2 (Algo) Perpetual system; journal entries [LO8-1] Litton Industries uses a perpetual inventory system. The company began its fiscal year with inventory of $273,000. Purchases of merchandise on account during the year totaled $875,000. Merchandise costing $908,000 was sold on account for $1,480,000. Prepare the journal entries to record these transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 2 3 > Merchandise costing $908,000 was sold on account for $1,480,000. Record the cost of goods sold. Note: Enter debits before credits. General Journal Debit Credit Transaction 3 Record entry Clear entry View general journal