On October 5, Dandridge Company buys merchandise on account from Barker Company. The purchase price of the goods is $3,500. On October 20, Dandridge sells all of the merchandise to Thom for $5,500 cash. Use a tabular summary to record the transactions for Dandridge Company using a perpetual inventory system.

Assets

=

Liabilities

+

Stockholders' Equity

Accts.

Common

Retained Earnings

Cash

+

Inv.

=

Pay.

+

Stock

+

Rev.

-

Exp.