Question: SHORT PROBLEM. USE SEPARATE EXCEL ANSWER SHEET. On June 1, the first day of operations, Candy Company purchased $1,000 of sweet merchandise inventory for cash.

SHORT PROBLEM. USE SEPARATE EXCEL ANSWER SHEET. On June 1, the first day of operations, Candy Company purchased $1,000 of sweet merchandise inventory for cash. On June 10, Candy sold on credit all of the merchandise with a markup of 25% on cost. Prepare the general journal entries to record these two transactions assuming Candy uses (1) a perpetual inventory system, and (2) a periodic inventory system.

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