Parkland Technologies Inc. began 2020 with inventory of $24,000. During the year, Parkland purchased inventory costing $115,000 and sold goods for $140,000, with all transactions on account. Parkland ended the year with inventory of $37,000. Journalize all the necessary transactions under the periodic inventory system. Requirement 1. Journalize all the necessary transactions under the periodic inventory system. (Record debits first, then credits. Explanations are not required.) First, journalize the inventory purchase. Journal Entry Accounts Debit Credit Journalize the sales transaction. Journal Entry Accounts Debit Credit Journalize the end-of-period entries Begin by closing out beginning inventory. Journal Entry Accounts Debit Credit Next adjust ending inventory. Journal Entry Accounts Debit Credit Now close out purchases for the period. Journal Entry Accounts Debit Credit