the following transactions occurred during the first year of operations for dave's tvs,inc,. a retail company that's uses a periodic 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 products for $400,000

b) sold products for $470,000 on account

c) collected $345,000 on account

d) paid $285,000 on account

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 ( inventory balance based on a count was $30,000 on jan 1 20x9