Litton Industries uses a perpetual inventory system. The company began its fiscal year with inventory of $284,000. Purchases of merchandise on account during the year totaled $930,000. Merchandise costing $919,000 was sold on account for $1,590,000 Prepare the journal entries to record these transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 2 3 Record the purchase of inventory on account. Note: Enter debits before credits Event General Journal Debit Credit Record entry Clear entry View general Journal