Marcy Corporation purchased inventory costing $125,000 and sold 70% of the goods for $167,500. All purchases and sales were on account. Marcy later collected 30% of the accounts receivable. Assume that sales returns are nonexistent. Read the requirements. 1. Journalize these transactions for Marcy, which uses the perpetual inventory system. Journalize the purchase of inventory (Record debits first, then credits. Exclude explanations from any journal entries.) Journal Accounts Debit PARKAK Credit

Marcy Corporation purchased inventory costing $125,000 and sold 70% of the goods for $167,500. All purchases and sales were on account. Marcy later collected 30% of the accounts receivable Assume that sales returns are nonexistent. Read the requirements 1. Journalize these transactions for Marcy, which uses the perpetual inventory system. Journalize the purchase of inventory. (Record debits first, then credits. Exclude explanations from any journal entries.) Requirements 1. Journalize these transactions for Marcy, which uses the perpetual inventory system. 2. For these transactions, show what Marcy will report for inventory, revenues, and expenses on its financial statements at the end of the month. Report gross profit on the appropriate statement. Assume beginning inventory is So