Litton. Industries uses a perpetual inventory system. The company began its fiscal year with inventory of $273.000. Purchases of merchandise on account during the year totaled $875,000. Merchandise costing $908,000 was 50 id on account for $1,480,000. 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.) Journal entry worksheet Record the merchandise purchased on account for $875,000. Note: Enter debits before credits