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Please answer all parts of the question. Litton...

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Accounting

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Litton Industries uses a perpetual inventory system. The company began its fiscal year with inventory of $268,000. Purchases of merchandise on account during the year totaled $850,000. Merchandise costing $903,000 was sold on account for $1.430,000 Prepare the journal entries to record these transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 2 3 Record the merchandise purchased on account for $850,000. debit before credits 2 3 Record the merchandise purchased on account for $850,000. Note: Enter debits before credits. Debit General Journal Transaction Credit 1 Record entry Clear entry View general journal 2 3 Merchandise costing $903,000 was sold on account for $1,430,000. Record the sale. Note: Enter debits before credits. Debit Credit General Journal Transaction 2 View general journal Clear entry Record entry

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