Prairie Hardware operates a store in Red Deer, Alberta. The company began 2014 with an inventory of 60 snow blowers that cost $8,600 in total. During the year, the company purchased merchandise on account as follows: (Click the icon to view the store purchases.) Cash payments on account during the year totalled $47,500. During November 2014, the company sold 300 units of merchandise for $91,000, of which $64,000 was for cash and the balance was on account. Prairie uses the FIFO method for inventories. Required Requirement 1. Make summary joumal entries to record the company's transactions for the year ended December 31, 2014. The company uses a perpetual inventory system. You can start with the entry to record the purchases. (Record debits first, then credits. Explanations are not required.) Date Dec 31 Journal Entry Accounts Debit Credit Next, record the cash payments on account. Cash payments on account during the year totalled $47,500. Date Dec 31 Journal Entry Accounts Debit Credit More info March (60 units at $176) August (40 units at $180) October (180 units at $186) $10,560 7,200 33,480 $51,240 Total purchases Print Done