Question: Saved Help Save & E Che Brief Exeraise 8-2 (Algo) Perpetual system; journal entries [LO8-1] Litton Industries uses a perpetual inventory system. The company began

Saved Help Save & E Che Brief Exeraise 8-2 (Algo) Perpetual system; journal entries [LO8-1] Litton Industries uses a perpetual inventory system. The company began its fiscal year with inventory of $270,000. Purchases of merchandise on account during the year totaled $860,000. Merchandise costing $905,000 was sold on account for $1,450,000. 2 Prepare the journal entries to record these transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list es Journal entry worksheet 2 3 Record the merchandise purchased on account for $860,000

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