The Account The following transactions occurred during January, the first month of operations for Ruby Corporation. Prepare journal entries and create a T-account for inventory that includes the following five transactions. Hint: When inventory is sold, it should be expensed to a Cost of Goods Sold expense account. 1 Purchased $950 of inventory on accoun 2 Purchased $1,800 ofinvensory on account. 3 sold inventory with an original cost of S450. 4 Purchased $1,100 of invensory on account 5 Sold inventory with an original cost of $1,500 General Journal Date Descriptior Debit Credit 3) To record purchase of ivensory on account To record purchase of invensory on account