Prepare the journal entries. |Jul. 17 |Purchased 57 watches for $8,037 ($141 per watch) on the account. |Jul. 31 |Sold 44 watches for $13,596 cash. |Aug. 12 |Purchased 43 watches for $6,708 ($156 per watch) cash. |Aug. 22 |Sold 22 watches for $6,798 on the account. |Sep. 19 |Paid for watches ordered on July 17. |Sep 27 |Received full payment for watches sold on account on August 22. |Oct. 27 |Purchased 81 watches for $13,770 ($170 per watch) cash. |Nov. 20 |Sold 105 watches for $32,445 cash. |Dec. 4 |Purchased 104 watches for $18,096 ($174 per watch) cash. |Dec. 8 |Sold 32 watches for $9,888 on the account.

Please provide complete sale journal entry showing the effect on cogs