How do you prepair journal entries to record the transactions and events in the accounting records of Big Oak Lumber? (Problem 6.1B, Buisness and Managerial Accounting)

Big Oak Lumber is a lumber yard on Angle Island. Some of Big Oak's transactions during the current year are as follows:

April 15. Sold lumber on account to Hard Hat Construction. $19,700. The inventory subsideay ledger shows the cost of this merhandise was $10,300.

April 19. Purchased lumber on account from LHP Company, $3,700.

May 10. Collected in cash the $19,700 account recievable from Hard Hat Construction.

May 19. Paid the $3,700 owed to LHP Company.

Dec 31. Big Oak's personnel counted the inventory on hand and determined its cost to be $114,000. The accounting records, however indicate inventory of $116,500 and a cost of goods sold of $721,000. The physical count of the invenroty was observed by the company's auditors and is considered correct.