25% of the All purchases and sales were on account C zele lar co eded Cazell Inc

Question

25% of the All purchases and sales were on account C zele lar co eded Cazell Inc purchased inventory costing $125,000 and sold 80% of the goods for S200 accounts receivable. Assume that sales returns are nonexistent Read the requirements 1. Jounalize these transactions for Cozelle, which uses the perpetual inventory system Jourmalize the purchase of inventory (Record debits first, then credits. Exclude explanations from any journal entries.) Journal Accounts Debit Credit Choose from any list or enter any number in the input fields and then continue to the next question

Explanation / Answer

Purchase of Inventory

Sale of Inventory

Collection of Accounts Receivable

Inventory 125,000 Accounts Payable 125,000

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