Marcy, Inc., purchased inventory costing $110,000 and sold 70% of the goods for $137,000. All purchases and sales were on account. Marcy later collected 20% of the accounts receivable. 1. Joumalize these transactions for Marcy, which uses the perpetual inventory system. 1. Journalize these transactions for Marcy, which uses the perpetual inventory system. Joumallize the purchase of inventory. (Record debits first, then credits. Exclude explanations from any journal entries.) Journalize the sale. Accounts Journal Debit Credit Journal Accounts Debit Credit