Next to revenue is expenses and how to list the adjustment on the income statement

On October 5, Concord Company buys merchandise on account from Lasse Company. The purchase price of the goods is $3,500. On October 20, Concord sells all of the merchandise to Thom for $5,540 cash. Use a tabular summary to record the transactions for Concord Company using a perpetual inventory system. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Assets Liabilities Accts. Pay. 3500 Common Stock Sto Rev. Cash Oct. 5 $ Oct. 20 Inv.