b. Summarized here are the transactions/events that took place during the fiscal year ended September 30, 2017. 1. Credit sales for the year amounted to $336,000. The cost of goods sold was $218,400. 2. Collected accounts receivable, $352,800. 3. Purchased inventory on account, $235,200. 4. Issued 700 shares of common stock for $25 per share. 5. Wrote off $9,800 of uncollectible accounts using the allowance for bad debts. 6. Declared and paid a cash dividend, $28,000. 7. Sold marketable securities costing $36,400 for $43,400 in cash. 8. Recorded insurance expense for the year, $16,800. The premium for the policy was paid in June 2016. 9. Borrowed cash on a short-term bank loan, $14,000. 10. Repaid principal of $56,000 and interest of $4,200 on a long-term bank loan. b-1. Prepare journal entries for the above transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 2 3 4 5 6 7 8 ..... 11 Credit sales for the year amounted to $336,000. Note: Enter debits before credits. General Journal Debit Credit Transaction 1(a) Record entry Clear entry View general journal