Journal Entries with Revenues, Expenses, and Dividends Make the journal entries necessary to record the following eight transactions.

a. Purchased inventory on account for $130,000.

b. Sold goods for $100,000 cash. The goods originally cost $65,000.

c. Paid $27,000 cash for employee wages.

d. Paid $12,500 cash for advertising.

e. Sold goods for $25,000 cash and $60,000 on account (a total of $85,000). The goods originally cost $57,000.

f. Collected cash of $47,000 from the $60,000 receivable on account; the remaining

$13,000 is expected to be collected later.

g. Paid cash of $55,000 on the $130,000 payable on account; the remaining $75,000 is expected to be paid later.

h. Paid cash dividends of $8,500.