Synergy Technologies Inc. began 2020 with inventory of $25,000. During the year, Synergy purchased inventory costing $95,000 and sold goods for $150.000, with all transactions on account. Synergy ended the year with invent of $35,000. Synergy prepared the following joumal entries under the periodic inventory system at year end: (Click the icon to view the journal entries.) - X Joumal entries Requirements 1. Post to the Inventory and Cost of Goods Sold accounts. 2. Compute cost of goods sold by the cost-of-goods-sold model. 3. Prepare the December 2020 income statement of Synergy Technologies Inc. through gross profit, Journal Entry Requirement 1. Post the beginning balance(s) and all entries to the Inventory and Cost of Goods Sold accounts. (Leave a Accounts Credit Debit 95,000 Inventory Cost of Goods Sold JE1 Purchases Accounts Payable 95,000 JE2 Accounts Receivable 150,000 End bal. End bal. 150,000 Sales Revenue JE3 Cost of Goods Sold Requirement 2. Compute cost of goods sold by the cost-of-goods-sold model. 25,000 25,000 35,000 Plus: Inventory JE4 Inventory Cost of Goods Sold JE5 Cost of Goods Sold 35,000 Goods available 95,000 Less: Purchases 95,000 Cost of goods sold Requirement 3. Prepare the December 2020 income statement of Synergy Technologies Inc. through gross profit. Print Done Synergy Technologies Inc. Choose from any list or enter any number in the input fields and then continue to the next question. Synergy Technologies Inc. began 2020 with inventory of $25,000. During the year, Synergy purchased inventory costing $95.000 and sold goods for $150.000, with all transactions on account. Synergy ended the year with invent of $35,000. Synergy prepared the following journal entries under the periodic inventory system at year end: B (Click the icon to view the journal entries.) Requirements - X 1. Post to the Inventory and Cost of Goods Sold accounts. Joumal entries 2. Compute cost of goods sold by the cost-of-goods-sold model. 3. Prepare the December 2020 income statement of Synergy Technologies Inc. through gross prolit. End bal. JI End bal. JI Journal Entry Requirement 2. Compute cost of goods sold by the cost-of-goods-sold model. Accounts Debit Credit JE1 Purchases 95,000 Accounts Payable Plus: 95,000 Goods available JE2 Accounts Receivable 150,000 Sales Revenue 150,000 Les JE3 Cost of Goods Sold 25,000 Cor Accounts payable Inventory 25,000 Rec Cost of goods sold ) income statement of Synergy Technologies Inc. through gross profit. . JE4 Inventory 35,000 Goods available s Inc. Cost of Goods Sold Inventory 35,000 Purchases it JE5 Cost of Goods Sold 95,000 Sales revenue er 31, 2020 Purchases 95,000 Print Done Gross profit Choose from any list or enter any number in the input fields and then continue to the next