the following transactions occurred during the first year of operations for dave's tvs,inc,. a retail company thats uses a perpetual inventory system: (prepare journal entries in summary form for the year ) that were made to record these transactions and a partial income statement through gross profit .

a) purchases appliances for $400,000

b) sold appliance that cost $360,000 for $470,000

c) collected $345,000 on account

d) paid $285,000

e) a physical count of inventory at the end of the year on december 31 showed the cost of the ending inventory on hand was $39,600