January $1-$ You have a beginning balance in inventory of $$100,000(10$ items$).$ During the year you purchase an additional $5$ items for $$12,000$ each with terms of $50\%$ down and the balance due next year. You sell $13$ items during the year for $$20,000$ each. Customers paid you $60\%$ at the time of purchase and the remaining balance will be paid next year. Using FIFO, prepare the journal entries and $t-$accounts related to these transactions.

$\backslash$table$[[$Ref #$,$Journal Entry$/$Description$,$Debit,Credit$],[r^2,,,9],[,,,],[,,,],[,,,],[,,,],[,,,],[,,,],[,,,],[,,,],[,,,],[,,,],[,,,],[,,,],[,,,],[,,,],[,,,]]$

Cash

Acct Pay

Acct

Rec

Invent

Sales

COGS