Journalizing purchase and sale transactionsConsider the following transactions that occurr...

Journalizing purchase and sale transactions

Consider the following transactions that occurred in January 2012 for 5th Grader.

Requirements

1. What type of inventory system is 5th Grader using—periodic or perpetual?

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2. Which transaction date helped you decide?

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3. Journalize January transactions for 5th Grader. No explanations are required.