The following transactions occurred during the year ended December 31, 20X9, for Dave's Bait and Tackle Shop, Inc., a retail company that uses a periodic inventory system: a) Purchased products for sale for $400,000 on account. 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, 20X9, showed th cost of the ending inventory on hand was $39,600. (The inventory balance based on a count was $30,000 on January 1, 20X9.) Prepare journal entries (in summary form for the year) that were made to record these transactions, including year end adjustments based on the inventory count, and a partial income statement through gross profit. The following transactions occurred during the year for Dave's TVs, Ine. uses a perpetual inventory system: a) Sold TVs for $408.000 on account that cost $204.000. The terms b) Sales returns and allowances were given to customers totaling $10,000 (gross sales price). The returned inventory cost Dave's TVs, Inc. $5,000. c) The balance owed on account was collected during the year within the discount perio Prepare journal entries (in summary form for the year) that were made to record these transactions and a partial income statement through gross profit BS Using the facts from exercise 4.7, prepare journal entry (C) on Dave's TVs, Inc.'s books assuming customers did not make payments within the discount period and then prepare a revised partial income statement through gross profit. ** *