Pan Shoe Inc., sells luxury shoes. On May 17th, Pan Shoe Inc., sold $1,000 worth of shoes on account. The company had previously purchased that shoes for $250. Journalize the purchase of inventory for Pan Shoe using a perpetual accounting system. . Prepare a journal entry in a standard format. This means that debit entries should be listed first. Do not use abbreviations for account titles. For example, if you are using Accounts Receivable, it should be typed as Accounts Receivable rather than AR or A/R. Date Journals Accounts and Explanation May 17 Accounts Receivable Debit Credit $1,000 $1,000 Sales Revenue To record sales $250 Inventory $250 To record inventory sold