Prepare the necessary adjusting journal entries on December 31 for each s Note: Round your answers to the nearest whole dollar. For example, enter 50fo Prepare the necessary adjusting journal entries on December 31 for each situation. Assume that no adjusting journal entries were recorded during the year prior to year-end Note: Round your answers to the nearest whole dollar, For example, enter 50 for 50.49 and enter 51 for 50.5 . 4. Purchased inventory on account for $40,000. Assume that the company uses the perpetual inventory system. \$. Sold merchandise for $50,000 (that hatd cost $30,000 ) collected $35,000 cash, and the $15,000 balance is due in one month Hinc: Make entries for both sides of the transaction-one for sales and one for cost of goods sold. 6. Paid $12,500 cash for operating expenses. 7. Paid for half of the merchandise previously purchased on account in transaction 4. 8. Collected 40% of the balance due on the sales in transaction 5. 9. Paid $600 cash for an insurance premium for one year of coverage (debit prepaid insurance). 10. Paid $5,000 cash in legal fees for the month of March