What are the journal entries to record the purchase and sale of keep cups? XYZ is not for profit organisation. Each year they have Gold Ribbon Day. The ribbons cost 20cents each to buy and are sold for $3 each. The purchase and sale is recorded in cash. XYZ purchased 4,000 ribbons on 1 June 20X9 and sold 3,859 ribbons on Gold Ribbon day which was on 30 June 20X9. XYZ classify the ribbons as inventory. (Hint: 3 journals are required)