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Exercise 6-6(Algo) Record inventory transactions using a perpetual system (LO6-5) Clyde Industries began...

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Accounting

Exercise 6-6(Algo) Record inventory transactions using a perpetual system (LO6-5)
Clyde Industries began the year with inventory of $80,000. Purchases of inventory on account during the year totaled $305,000. Inventory costing $330,000 was sold on account for $510,000.
Required:
Record transactions for the purchase and the sale of inventory on account using a perpetual system. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
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