Halton Technologies Inc. began 2017 with the inventory of $25,000. During the year, Halton purchased inventory costing $100,000 and sold goods for $140,000, with all transactions on the account. Halton ended the year with the inventory of $32,000.

Journalize all the necessary transactions under the periodic inventory system.

Requirement 1. Journalize all the necessary transactions under the periodic inventory system. (Record debits first, then credits. Explanations are not required.)

First, journalize the inventory purchase.

Journalize the sales transaction.

Journalize the end-of-period entries.

Begin by closing out beginning the inventory.

Next, adjust ending inventory.

Now close out purchases for the period.