Dan Watson started a small merchandising business in Year 1. The business experienced the following events during its first year of operation. Assume that Watson uses the perpetual inventory system. 1. Acquired $34,500 cash from the issue of common stock. 2. Purchased inventory for $27,600 cash. 3. Sold inventory costing $17,700 for $32,000 cash. Required a. Record the events in general journal format. b. Post the entries to T-accounts. c. Determine the amount of gross margin. d. What is the amount of net cash flow from operating activities for Year 1? Complete this question by entering your answers in the tabs below. Required A Required B Required C Required D Record the events in general journal format. (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 01:46-48 < A B C D eBook Record entry for issuance of common stock. Note: Enter debits before credits. Event 1 General Journal Debit Credit View general journal Clear entry Record entry Required B > Journal entry worksheet 2 < A B C D Record the entry of inventory purchased for cash. Note: Enter debits before credits. Event 2 General Journal Debit Credit Clear entry Record entry View general journal Required A Required B> QUIZ Journal entry worksheet < A B C D Record sale of inventory for cash. Note: Enter debits before credits. Event 3a General Journal Debit Credit Clear entry Record entry View general journal Required A Required iz i Journal entry worksheet A B C D Record entry for cost of goods sold. Note: Enter debits before credits. Event 3b. Saved General Journal Debit Credit Clear entry Record entry View general journal Required A Required B > >