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Summer Corporation purchased inventory costing $140,000 and sold 80% of the goods for $187,000. All purchases and sales were on account. Summer later collected 30% of the accounts receivable. Assume that sales returns are nonexistent Read the requirements 1. Journalize these transactions for Summer, which uses the perpetual inventory system. Requirements -X Journalize the purchase of inventory. (Record debits first, then credits. Exclude explanations from any journal entries.) Journal Accounts Debit Credit Inventory Accounts Payable 1. Journalize these transactions for Summer, which uses the perpetual inventory system 2. For these transactions, show what Summer will report for inventory, revenues, and expenses on its financial statements at the end of the month. Report gross profit on the appropriate statement. Assume beginning inventory is $0. Print Done Journalize the sale. Journal Accounts Debit Credit 1 Summer Corporation purchased inventory costing $140,000 and sold 80% of the goods for $187,000. All purchases and sales were on account. Summer later collected 30% of the accounts receivable. Assume that sales returns are nonexistent Read the requirements Journalize the sale. Journal Accounts Debit Credit Record the cost of goods sold portion of the sale. Journal Accounts Debit Credit Record the collection of 30% of the accounts receivable. Journal Accounts Debit Credit 2. For these transactions, show what Summer will report for inventory, revenues, and expenses on its financial statements at the end of the month. Report gross profit on the appropriate statement. Assume beginning inventory is $0. (If an input field is not used in the table leave the field empty; do not enter a label or enter a zero.) Determine what the company will report on the balance sheet: Balance Sheet 1