Dan Watson started a small merchandising business in Year 1. The business experienced the following events during its first year of operation. Assure that Watson uses the perpetual inventory system 1. Acquired $29,500 cash from the issue of common stock 2. Purchased inventory for $23,600 cash. 3. Sold inventory costing $15,400 for $29,000 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. rences 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 1 2 3 4 Record entry for issuance of common stock. Note: Enter debits before credits. General Journal Event 01 Debit Credit d. What is the amount of net cash flow from operaong atters Complete this question by entering your answers in the tabs below. Required A Required B Required C Required D Post the entries to T-accounts. Common Stock Beg Bal Beg Bal End Bal End. Bal. Merchandise Inventory Sales Revenue Beg Bali Beg Bal End Bal 0 End Bal Cost of Goods Sold Beg Bal End. Bal 4 Home WIRD operation. Assume that Watson uses the perpetual inventory system, 1. Acquired $29,500 cash from the issue of common stock 2. Purchased Inventory for $23,600 cash. 3. Sold inventory costing $15,400 for $29,000 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 Determine the amount of gross margin. gross margin. DAN WATSON MERCHANDISING Income Statement For the Year Ended December 31, Year 1 Exercise 4-2A Effect of inventory transactions on journals, ledgers, and financial statements: Perpetual system LO 4-1 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 $29,500 cash from the issue of common stock 2. Purchased Inventory for $23,600 cash 3. Sold Inventory costing $15,400 for $29,000 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 R equired D What is the amount of net cash flow from operating activities for Year 17 (Indicate cash outflows with minus on Net cash flow from operating activities