the year with inventory of $29,000. Journalize all the necessary transactions under the periodic inventory system. Requirement 1. Journalize all the necessary transactions under the periodic inventory system. (Record debits first, then credits. Explanations are not required.) First, journalize the inventory purchase. Journalize the sales transaction. Journalize the end-of-period entries. Begin by closing out beginning inventory. \begin{tabular}{ll||l||l|l|} \multicolumn{1}{c||}{ Accounts } & Debit & Credit \\ \hline \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline \end{tabular} Next adjust ending inventory. Now close out purchases for the period