Required information [The following information applies to the questions displayed below.] Inventory at the beginning of the year cost $13,500. During the year, the company purchased (on account) inventory costing $84,500. Inventory that had cost $80,500 was sold on account for $95,400. At the end of the year, inventory was counted and its cost was determined to be $17,500. c. Prepare journal entries to record these transactions, assuming a perpetual inventory system is used. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) c. Prepare journal entries to record these transactions, assuming a perpetual inventory system is used. (If no entry is required for a 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 $84,500 on account. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal c. Prepare journal entries to record these transactions, assuming a perpetual inventory system is used. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet < 2 3 Record the sales revenue of $95,400 on account. Note: Enter debits before credits. Transaction b General Journal Debit Credit Record entry Clear entry View general journal c. Prepare journal entries to record these transactions, assuming a perpetual inventory system is used. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet < 1 2 3 Record the cost of goods sold of $80,500. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal