Missy Khalil, Inc. purchased inventory costing $130,000 and sold 75% of the goods for $197,500. All purchases and sales were on account. Khalil later collected 10% of the accounts receivable. 1. Journalize these transactions for Khalil, which uses the perpetual inventory system. 2. For these transactions, show what Khalil will report for inventory, revenues, and expenses on its financial statements. Report gross profit on the appropriate statement. 1. Joumalize these transactions for Khalil, which uses the perpetual inventory system. (Record debits first, then credits. Explanations are not required. Leave unused cells blank.) Journalize the purchase of inventory. Journal Accounts Debit Credit Journalize the sale. Journal