Use the FIFO perpetual inventory record for Elmo's Music below to journalize Elmo's Music's May 8 purchase of inventory on account and cash sale on May 17 (sale price of each guitar was $1,600). (Click the icon to view the FIFO perpetual inventory record.) Record the purchase of guitars on the 8th. (Record debits first, then credits. Exclude explanations from journal entries.) Journal Entry 0 Inventory record X Date Accounts Debit Credit May 8,400 8 Inventory Accounts Payable 8,400 Date Quantity Unit Cost Total Cost May 1 5 900 4,500 (2,700) 6 (3) 900 Record the cash sale of guitars on the 17th. Begin by recording the sale transaction only. Bal. 900 1,800 8,400 Journal Entry 10 8 2 | 2 840|| Date Accounts Debit Credit Bal. 10,200 May 17 (2) 900 (1,800) (1,680) 17 (2) 840 Bal. 8 840 6,720 5 30 4,200 840 End Inv. 13 10,920 Print Done Choose from any list or enter any number in the input fields and then click Check Answer. part remaining Clear All