Riley, Inc., purchased inventory costing $150,000 and sold 80% of the goods for $200,000. All purchases and sales were on account. Riley later collected 10% of the accounts receivable. 1. Journalize these transactions for Riley, which uses the perpetual inventory system. 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 journal entries.) Journal Accounts Debit Credit Journalize the sale. Journal Accounts Debit Credit Record the cost of goods sold portion of the sale. Journal Accounts Debit Credit Record the collection of 10% of the accounts receivable. Journal Accounts Debit Credit