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Please answer to all of the requirements Halton Technologies Inc. began 2020 with inventory...

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Accounting

imageimageimagePlease answer to all of the requirements

Halton Technologies Inc. began 2020 with inventory of $22,000. During the year, Halton purchased inventory costing 895,000 and sold goods for $150,000, with all transactions on account. Halton ended the year with inventory of $37,000. Journalize all the necessary transactions under the periodic inventory system. Requirement 1. Journalize all the necessary transactions under the periodic inventory system. (Record debits first, then credits. Explanations are not required.) First, journalize the inventory purchase. Journal Entry Accounts Debit Credit Purchases 95000 Accounts Payable 95000 Journalize the sales transaction Journal Entry Debit Credit Accounts Accounts Receivable 150000 Sales Revenue 150000 Journalize the end-of-period entries. Begin by closing out beginning inventory. Journal Entry Accounts Debit Credit Inventory 22000 Cost of Goods Sold 22000 Next adjust ending inventory. Journal Entry Accounts Debit Credit Now close out purchases for the period. Journal Entry Accounts Debit Credit Cost of Goods Sold 95000 Purchases 95000

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