sales returns are nonexistent.

Read the requirements.

Journalize these transactions for Riley, which uses the perpetual inventory system.

Journalize the purchase of inventory. $($Record debits first, then credits. Exclude explanations from any journal entries.$)$

Journal

Requirements

Journalize these transactions for Riley, which uses the perpetual inventory

system.

For these transactions, show what Riley 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.$