Kelly and Megan started their business on August 31st, 2023. 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 15th. they borrowed $47,800 from Temple Bank at an interest rate of 5.8%. 4. Kelly and Megan had $118,000 in sales. $91,000 of the sales was in cash, the remaining 27,000 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 revenues did Kelly and Megan earn by December 31?