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Marcy, Inc., purchased inventory costing $140,000 and sold 70% of the goods for $168,000. All purchases and sales were on account. Marcy later collected 10% of the accounts receivable.
Question 1: Journalize these transactions for Marcy, which uses the perpetual inventory system.
Question 2: Journalize the purchase of inventory. (Record debits first, then credits. Exclude explanations from any journal entries.)
Question 3: For these transactions, show what Marcy will report for inventory, revenues, and expenses on its financial statements at the end of the month. Report gross profit on the appropriate statement.
Journal
Accounts Debit Credit
Inventory 140000
40000
Sales Revenue CR 168000
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