Question: Exercise 6-6 (Algo) Record inventory transactions using a perpetual system (LO6-5) Siatkowski Industries began the year with inventory of $78,000. Purchases of inventory on account

Exercise 6-6 (Algo) Record inventory transactions using a perpetual system (LO6-5)

Siatkowski Industries began the year with inventory of $78,000. Purchases of inventory on account during the year totaled $303,000. Inventory costing $328,000 was sold on account for $506,000.

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.)

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