Exercise 6-6(Algo)

Exercise 66 (Algo) Record inventory transactions using a perpetual system (LO6-5) Siatkowski industries began the year with inventory of $81,000. Purchases of inventory on account during the year totaled $306,000. Inventory costing $331,000 was sold on account for $512,000. Required: Record transactions for the purchase and the sale of inventory on account using a perpetual system. (If no entry is required for a transetionlevent, select "No Journal Entry Required" In the first account field.) Journal entry worksheet Record the purchase of inventory on account. Note: Enter debits before credits: Journal entry worksheet Record the sale of inventory on account. Notes: Enter debits before credits. Journal entry worksheet Record the cost of inventory sold. Note: Enter debits before credits