Kelly and Megan started their business on August $31,2024.$ In the first four months their store had the

following transactions. Record the following transactions $($prepare journal entries$)$:

$1.$ Kelly and Megan put $$62,000$ into the business

$2.$ $$71,000$ of inventory was purchased. They paid $$31,000$ in cash, and the rest was on credit to be

paid in $120$ days.

$3.$ On September $15$th$.$ they borrowed $$47,800$ from Temple Bank at an interest rate of $5\mathrm{.}8\%.$

$4.$ Kelly and Megan sold inventory costing $$47,000$ for a sales price of $$118,000.$ $$61,000$ of the sales

was in cash, the remaining $57,000$ was on credit.

$5.$ Two months after transaction $2,$ Kelly and Megan pays vendors $$22,000$ from the prior credit

purchase.

$6.$ They collect $$28,000$ from customer's credit sales.

$7.$ On December $31$ the loan from Temple Bank was paid off.

$8.$ How much expenses did Kelly and Megan recognize by December $31?$

Note: step by step needed

final answer should be in table format