Fun Buy purchases merchandise inventory by the crate; each crate of inventory is a unit. The fiscal year of Fun Buy ends each February 28. Assume you are dealing with a single Fun Buy store in Halifax, Nova Scotia, and that the store experienced the following: The store began fiscal year 2020 with an inventory of 17,000 units that cost a total of $850,000. During the year, the store purchased merchandise on account as follows: (Click the icon to view the purchases.) Cash payments on account totalled $7,608,000. During fiscal year 2020, the store sold 146,000 units of merchandise for $14,016,000. Cash accounted for $4,800,000 of this, and the balance was on account. Fun Buy uses the FIFO method for inventories. Operating expenses for the year were $3,250,000. The store paid 80% in cash and accrued the rest as accrued liabilities. The store accrued income tax at the rate of 40%. ---- Requirement 1. Make summary journal entries to record the store's transactions for the year ended February 28, 2020. Fun Buy uses a perpetual inventory system. Let's start with the entry to record the purchases. (Record debits first, then credits. Explanations are not required.) Date Feb. 28 Journal Entry Accounts Next, record the cash payments on account. Date Feb. 28 Debit Credit Journal Entry Accounts Debit Credit Now record the cash received from sales and the balance on account. (Do not yet record the cost related to the sale. We will do this in the next journal entry.) Date Feb. 28 Journal Entry Accounts Debit Credit Record the inventory transaction associated with the sale of merchandise. (Round your answer to the nearest whole dollar.) Journal Entry Date Feb. 28 Accounts Debit Credit