(L. OBJ. 1, 2, 3) Journalizing purchase and sale transactions—perpetual inventory [10-15...

(L. OBJ. 1, 2, 3) Journalizing purchase and sale transactions—perpetual inventory [10-15 min]

Consider the following transactions that occurred in March, 2012 for Howy:

Requirements

1. What type of inventory system is Howy using—periodic or perpetual?

2. Which transaction date helped you decide?

3. Journalize March transactions for Howy. No explanations are required.