Winter Sports Inc., uses the periodic inventory system. Prepare the journal entries to record the
following transactions:
1. Purchased $430,000 of inventory on account
2. Sales on account were $840,000
3. Transferred the beginning inventory of $106,000 to cost of goods sold
4. The ending inventory based on a physical count was $117,000
5. Transferred the purchases to cost of goods sold.

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The Answer of Winter Sports Inc., uses the periodic inventory system. Prepare the journal entries to record the
following transactions:
1. Purchased $430,000 of inventory on account
2. Sales on account were $840,000
3. Transferred the beginning inventory of $106,000 to cost of goods sold
4. The ending inventory based on a physical count was $117,000
5. Transferred the purchases to cost of goods sold.