Clyde Industries began the year with inventory of $90,000. Purchases of inventory on account during the...

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Clyde Industries began the year with inventory of $90,000. Purchases of inventory on account during the year totaled $315,000. Inventory costing $340,000 was sold on account for $530,000. Required: Record transactions for the purchase and the sale of inventory on account using a perpetual system. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet < 1 2 3 Record the cost of inventory sold. Note: Enter debits before credits. Transaction General Journal Debit Credit 3 Cost of Goods Sold 530,000 Inventory 530,000 Record entry Clear entry View general journal Clyde Industries began the year with inventory of $90,000. Purchases of inventory on account during the year totaled $315,000. Inventory costing $340,000 was sold on account for $530,000. Required: Record transactions for the purchase and the sale of inventory on account using a perpetual system. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet < 1 2 3 Record the cost of inventory sold. Note: Enter debits before credits. Transaction General Journal Debit Credit 3 Cost of Goods Sold 530,000 Inventory 530,000 Record entry Clear entry View general journal