Exercise 4-2A (Static) Effect of inventory transactions on journals, ledgers, and financial statements: Perpetual system LO 4-1 Dan Watson started a small merchandising business in Year 1. The business experienced the following events during its first year of operation. Assume that Watson uses the perpetual inventory system. Acquired $30,000 cash from the issue of common stock. Purchased inventory for $18,000 cash. Sold inventory costing $15,000 for $32,000 cash. Required a. Record the events in general jo