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A testable explanation for an observations is called a(n) control experiment. theory. prediction. hypothesis: Exercise 4-2A (Algo) Effect of inventory transactions on journals, ledgers, and financial statements: Perpetual system LO 41 Dan Watson started a small merchandising business in Year 1. The business experienced the following events during its first year of operation. Assume that Watson uses the perpetual inventory system. 1. Acquired $31,500 cash from the issue of common stock. 2. Purchased inventory for $25,200 cash. 3. Sold inventory costing $16,800 for $32,000cash. Required a. Record the events in general journal format: b. Post the entries to T-accounts. c. Determine the amount of gross margin. d. What is the amount of net cash flow from operating activities for Year 1