Acompany uses a periodic system to record inventory transactions. the company purchases inventory on account on february 9, 2021, for $52,000 and then sells this inventory on account on march 7, 2021, for $73,000. record the transactions for the purchase and sale of the inventory. (if no entry is required for a particular transaction/event, select "no journal entry required" in the first account field.)

Explanation:

The journal entries are shown below:

On February 9:

Inventory A/c Dr $52,000

  To Accounts payable/ sundry creditors A/c Dr    $52,000

(Being purchase of inventory is recorded)

On March 7:

Accounts receivable A/c Dr $73,000

     To Inventory A/c                               $73,000

(Being inventory is sold on credit)

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