5. Sold merchandise for $100,000 (that had cost $60,000 ); collected $70,000 cash, and the $30,000 balance is due in one month. Hint: Make entries for both sides of the transaction-one for sales and one for cost of goods sold. 6. Paid $25,000 cash for operating expenses. 7. Paid for half of the merchandise previously purchased on account in transaction 4. 8. Collected 40% of the balance due on the sales in transaction 5. 9. Paid $1,200 cash for an insurance premium for one year of coverage (debit prep 10. Paid $10,000 cash in legal fees for the month of March