OF AC .. lab SMB TUUU Class balance sheet nicole C incom omework Saved Help Required information (The following information applies to the questions displayed below) Inventory at the beginning of the year cost $13,800. During the year, the company purchased (on account) inventory costing $86,000. Inventory that had cost $82,000 was sold on account for $96,600. At the end of the year, inventory was counted and its cost was determined to be $17,800. c. Prepare journal entries to record these transactions, assuming a perpetual inventory system is used. (If no entry is required fo transaction/event, select "No Journal Entry Required in the first account field.) View transaction list Journal entry worksheet 1 2 3 Record the inventory purchased of $86,000 on account. arch o 1 2. 3 Record the inventory purchased of $86,000 on account. Note: Enter debits before credits. Transaction General Journal Debit Credit a Record entry Clear entry View general jou Required information