Samantha Corporation purchased inventory costing $140,000 and sold 70% of the goods for $188,000. All purchases and sales were on account. Samantha later collected 10% of the accounts receivable. Assume that sales returns are nonexistent. Read the requirements. 1. Journalize these transactions for Samantha, 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. 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 2. For these transactions, show what Samantha will report for inventory, revenues, and expenses on its financial statements at the end of the month. Report gross profit on the appropriate statement. Assume beginning inventory is $0. (If a box is not used in the table leave the box empty; do not enter a label or enter a zero.) Determine what the company will report on the balance sheet: Balance Sheet Determine what the company will report on the balance sheet: Balance Sheet Assets Current assets: Determine what the company will report on the income statement: Income Statement i Requirements 1. Journalize these transactions for Samantha, which uses the perpetual inventory system. 2. For these transactions, show what Samantha will report for inventory revenues, and expenses on its financial statements at the end of the month. Report gross profit on the appropriate statement. Assume beginning inventory is $0. Print Done