Exercise $6-6($Algo$)$ Record inventory transactions using a perpetual system $($LO$6-5)$

Clyde Industries began the year with inventory of $$80,000.$ Purchases of inventory on account during the year totaled $$305,000.$

Inventory costing $$330,000$ was sold on account for $$510,000.$

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.$)$

Journal entry worksheet

$1$

$2$

$3$

Record the purchase of inventory on account.

Note: Enter debits before credits.