Accounting records for Corporation yield the following data for the year ended , (assume sales returns are non-existent): Inventory, June 30, 2015 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $15,000
Purchases of inventory (on account) . . . . . . . . . . . . . . . . . . . . . . . . . . . . .57,000
Sales of inventory – 84% on account; 16% for cash (cost $43,000) . . . .92,000
Inventory at FIFO, June 30, 2016 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29,000

Requirement:
Journalize inventory transactions for the year under the perpetual system.

Follows are the Journalize inventory transactions to this question:

Explanation:

accounts names                                                      debit                      credit

The stock of Merchandise                                         57000  

Accounts due                                                                                            57000

Account purchase of stock  

Goods for sale cost                                              43000  

The stock of Merchandise                                                                              43000

Price of products sold during the year  

Cash                                                                       14720  

Receivable accounts                                                   77280  

Sales                                                                                              92000

Goods Revenue  

No inventory closing entry required

the answer to this question would be shared investment

answer; 33,000;