Missy Corporation purchased inventory costing $125,000 and sold 75% of the goods for $168,750. All purchases and sales were on account. Missy later collected 30% of the accounts receivable. Assume that sales returns are nonexistent. Read the requirements. 1. Journalize these transactions for Missy, 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 Credit Requirements 1. Journalize these transactions for Missy, which uses the perpetual inventory system. 2. For these transactions, show what Missy 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 $0. Chl