Journal Entries Under the Perpetual Inventory System Bhushan Building Supplies entered into the following transactions. June 1 Purchased merchandise on account from Brij Bulider's Materials, $504,880. 3. Purchased merchandise for cash, $383,310. 5 Sold merchandise on account to Champa Construction for $20,630. The merchandise cost $16,520. Prepare journal entries under the perpetual inventory system. If an amount box does not require an entry, leave it blank