Assume that sales returns are nonexistent.

Read the requirements.

Journalize these transactions for Marcy, which uses the perpetual inventory system.

Journalize the purchase of inventory. $($Record debits first, then credits. Exclude explanations from any journal entries.$)$

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ransactions for Marcy, which uses the perpetual inventory system.

ase of inventory. $($Record debits first, then credits. Exclude explanations from any journal entries.$)$

Journal

Requirements

Journalize these transactions for Marcy, which uses the perpetual inventory system.

For these transactions, show what Marcy will report for inventory, revenues, and expenses on its financial statements at the end of the month. Report gross profit on the appropriate statement. Assume beginning inventory is $$0.$