A company uses a perpetual system to record inventory transactions.The company purchases inventory on account on February 9,2012,for $50,000 and then sells this inventory on account on March 7,2012,for $70,000.Record the transactions for the purchase and sale of the inventory.

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The Answer of A company uses a perpetual system to record inventory transactions.The company purchases inventory on account on February 9,2012,for $50,000 and then sells this inventory on account on March 7,2012,for $70,000.Record the transactions for the purchase and sale of the inventory.

A Company Uses a Perpetual System to Record Inventory Transactions