$1.$ The following events occurred during the year. Book the entries necessary for the corresponding transactions that have occurred.

October $31$: Accrued wages earned for employee with $15$ hours for period of October $16$ through October $31.$

October $31$: Sold $5$ bicycles at $$170$ each and $15$ golf club sets at $$380$ each in October with $31\%$ on account.

November $1$: Paid rent on new sporting goods space.

November $5$: Paid employee for period ending October $31.$

November $17$: Collected $$950$ on account from customers.

November $20$: Paid employee with $17$ hours for period ending November $15.$

November $30$: Accrued wages earned for employee with $22$ hours for period November $16$ through November $30.$

November $30$: Sold $15$ bicycles at $$170$ each and $10$ golf club sets at $$380$ each in November with $28\%$ on account.

December $1$: Paid rent on new sporting goods space.

December $5$: Paid employee for period ending November $30.$

December $18$: Received payments from customers toward accounts receivable in amount of $$1,000.$

December $20$: Paid employee with $16$ hours for period ending December $15.$

December $31$: Accrued wages earned for employee with $18$ hours for period of December $16$ through December $31.$

December $31$: Sold $20$ bicycles at $$180$ each and $5$ golf club sets at $$400$ each in December with $22\%$ on account.

December $31$: Book expense for insurance during September $1$December $31.$

December $31$: Accrue for interest from August $1$ to December $31$ on the loan.

$2.$ As this is a new store, merchandise has been purchased on account to sell at the store. The information below relates to the purchase and sales of the new products.

Use the perpetual inventory method with the FIFO valuation method. Please see the $$Milestone Inventory$$ tab in your workbook for purchase and sales information.

August $25$: Purchased $15$ golf club sets for $$240$ each to sell at the store from vendor A$,$ on account with terms of $1/10$ net $60.$

September $16$: Purchased $25$ bicycles for $$75$ each to sell at the store from vendor B$,$ on account with terms of $1/10$ net $60.$

September $24$: Paid $$750$ toward merchandise from vendor A$.$

September $30$: Recorded impact of sales transaction on COGS and the inventory asset.

October $18$: Paid $$650$ toward merchandise from vendor B$.$

October $25$: Paid remaining payable for merchandise from vendor A$.$

October $26$: Purchased $25$ more golf club sets for $$250$ each to sell at the store from vendor A$,$ on account with terms of $1/10$ net $60.$

October $31$: Recorded impact of sales transaction on COGS and the inventory asset.

November $10$: Paid remaining payable for merchandise from vendor B$.$

November $16$: Purchased $35$ more bicycle sets for $$85$ to sell at the store each from vendor on account with terms of $2/10$ net $30.$

November $20$: Paid vendor B in full and took advantage of the discount $($offset COGS$).$

November $30$: Recorded impact of sales transaction on COGS and the inventory asset.

December $10$: Paid $$4500$ toward payable for merchandise from Vendor A$.$

December $31$: Recorded impact of sales transaction on COGS and the inventory asset.

Prepare accurate journal entries with the correct ledger accounts on the Milestone Journal Entries tab of the workbook. Be sure to refer to the Chart of Accounts tab for the account names when preparing journal entries. Include the following details in your response:

Show calculations necessary to prepare the