homework help please

Sheri, lnc., purchased inventory costing $125,000 and sold 70% of the goods for $187,500. All purchases and sales were on account. Sheri later collected 25% of the accounts receivable. 1. Journalize these transactions for Sheri, which uses the perpetual inventory system. 2. For these transactions, show what Sheri will report for inventory, revenues, and expenses on its nancial statements at the end of the month. Report gross prot on the appropriate statement. 1. Journalize these transactions for Sheri, which uses the perpetual inventory system. Journalize the purchase of inventory. (Record debits rst, then credits. Exclude explanations from any journal entries.) Journal Accounts Debit Credit Accounts Receivable Cash Cost of Goods Sold Inventory | | Accounts Payable l l | | Notes Payable Sales Revenue Choose from any list or enter any number in the input fields and then click Check