Riley, Inc., purchased inventory costing $125,000 and sold 70 % of the goods for $157.500. All purchases and sales wore on account. Riley later collectod 10 % of the accounts receivable 1. Jounalize these transactions for Riley, which uses the perpetual inventory system. 2. For these transactions, show what Riley will report for inventory, revenues, and expenses on its financial statements at the end of the month. Report gross profit on the appropriate statemen 1. Journalize these transactions for Riley, which uses the perpetual inventory system. Journalize the purchase of inventory. (Record debits first, then credits. Exclude explanations from any jounal entries.) Journal Accounts Debit Credit in the input fields and then click Check