(Solved): Brief Exercise 8-2 (Static) Perpetual system; journal entries [LO8-1] A company uses a perpetual inv ...

Brief Exercise 8-2 (Static) Perpetual system; journal entries [LO8-1] A company uses a perpetual inventory system. The company began its fiscal year with inventory of

. Purchases of inventory on account during the year totaled

. Inventory costing

was sold on account for

. Prepare the journal entries to record these transactions. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.