Exercise 6-6 Record inventory transactions using a perpetual system (LO6-5) Bingerton Industries uses a perpetual inventory system. The company 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 sale of inventory. (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 Record the purchase of inventory on account Note: Enter debits before credits. General Journal Debit Credit Record entry Clear entry View general journal