Journal Entries Under the Perpetual Inventory System Bhushan Building Supplies entered into the following transactions. June 1 Purchased merchandise on account from Brij Builder's Materials, $500,000. 3 Purchased merchandise for cash, $400,000. 5 Sold merchandise on account to Champa Construction for $20,000. The merchandise cost $15,000. Prepare journal entries under the perpetual inventory system. Page: 1 DOC. POST. DATE ACCOUNT TITLE DEBIT CREDIT NO. REF. 1 20-- June 1 1 2 2 3 3 4 June 3 4 10 5 5 6 6 7 June 5 7 8 8 9 9 10 June 5 10 88 11 11 12 12