Inventory Purchase Discounts o Halton Technologies Inc. began 2020 with inventory of S21,000. During the year, Halton purchased inventory coating $115,000 and sold goods for $140,000, with all transactions on account. Halton ended the year with inventory of $37,000 Journalize all the necessary transactions under the periodic inventory system. Requirement 1. Joumalize all the necessary transactions under the periodic inventory system. (Record debits first, then credits. Explanations are not required.) First, journalize the inventory purchase. Journal Entry Accounts Debit Credit 7 Accounts Payable Accounts Receivable Cash Jo Cast of Goods Sold Freight in Income Summary Debit Credit Purchase Returns and Allowances Purchases Sales Discounts Sales Returns and Allowances Jo Sales Revenue Choose from any list or enter any number in the input fields and then continue to the next question. Journalize the sales transaction. Journal Entry Accounts Debit Credit Journalize the end-of-period entries. Begin by closing out beginning inventory. Journal Entry Accounts Debit Credit Next adjust ending inventory. Journal Entry Choose from any list or enter any number in the input fields and then continue to the next question. Next adjust ending inventory. Journal Entry Accounts Debit Credit Now close out purchases for the period. Journal Entry Accounts Debit Credit Choose from any list or enter any number in the input fields and then continue to the next