Record the transactions in the general journal, including closing entries

TRANSACTIONS FOR THE YEAR ENDED DECEMBER 31, 2019 1. Sales and Accounts Receivable A The sales price of each hat was $39. All sales were on account B Cash collections on account amounted to $13,980 The company identified $250 of receivables as being uncollectible and wrote them off D. The company follows a percentage of receivables approach to estimate its accounts receivable that will become uncollectible As of the end of 2099, the company estimates that 8% of its receivables will be uncollectible . 2. Inventory A. The company began the year with 200 hats which had a cost of $10.00 each. The following purchases (all on account) were made during 2049. January 15 - 525 hats @ $11.00 each March 23-365 hats @ 12.00 each July 2 - 430 hats @ $13.50 each October 31 - 450 hats @ $1400 each B. Employees performed a physical count at end of 2049 and found that 480 hats remained in the warehouse. The company uses a periodic LIFO inventory system C. The company made cash payments to inventory suppliers totaling $19,000 . $18,000 Harriet's Hats Incorporated Balance Sheet As of December 31, 2048 ASSETS Cash Accounts Receivable 5,000 Less: Allowance for Doubtful Accounts (400) Net Accounts Receivable Prepaid Rent Inventory Property, Plant, and Equipment 52,100 Less: Accumulated Depreciation (22,600) Net Property, Plant, and Equipment Total Assets LIABILITIES + OWNER'S EQUITY Accounts Payable Wages Payable Interest Payable Income Taxes Payable Notes Payable Total Liabilities 4,600 1,400 2,000 29,500 $55,500 $3,500 165 45 850 3,000 7,560 Common Stock Retained Earnings Total Owner's Equity Total Liabilities + Owner's Equity 21,000 26,940 47,940 $55,500 REQUIRED Record the 2049 transactions in the general journal, including closing entries. Label each transaction according to its corresponding number i.e. 1A, 2A, CL1, CL2, etc.). Harriet's Hats Incorporated General Journal For the Year Ended December 31, 2049 ACCOUNT TITLE DEBIT TRANSACTION NUMBER CREDIT