Jan. 2 Jan. 3 Concord Products uses a perpetual inventory system. On January 1 the Inventory account had balance of 584,500. During the first few days of January the following transactions ocured: Purchased merchandise on credit from Smith Company for $9.200. Sold merchandise for cash, $22.000. The cost of this merchandise was $14.300. a. Prepare entries in general journal form to record the above transactions. b. What was the balance of the Inventory account at the close of business January 3