Summarized here are the transactions/events that took place during the fiscal year ended September 30 , 2023. Prepare journal entries for the below transactions. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. 1. Credit sales for the year amounted to $240,000. The cost of goods sold was $156,000. 2. Collected accounts receivable, $252,000. 3. Purchased inventory on account, $168,000. 4. Issued 500 shares of common stock for $18 per share. 5. Wrote off $7,000 of uncollectible accounts using the allowance for bad debts, 6. Declared and pald a cash dividend, $20,000. 7. Sold marketable securities costing $26,000 for $31,000 in cash. 8. Recorded insurance expense for the year, $12,000. The premium for the policy was pald in June 2022. 9. Borrowed cash on a short-term bank loan, 510,000 . 10. Repaid principal of $40,000 and interest of $3,000 on a long-term bank loan