Journal Entries Under the Perpetual Inventory system. Bhushan Building Supplies entered into the following transactions.
June 1 Purchased merchandise on account from Brij Builders Materials, $30,000.
3 Purchased merchandise for cash, $24,000.
5 Sold merchandise on account to Champa Construction for $60,000. The merchandise cost $45,000.
Prepare Journal entries under the perpetual inventory system.