what is the journal entries for this problem? **I NEED ACTUAL JOURNAL ENTRIES EX: DEBIT. INVENTORY CREDIT ACCOUNTS PAYABLE 1. Using FIFO write the journal entries (remember after sales use fifo to get (debit) cost of good sold (credit) Inventory numbers) Jul. 17- Purchased 50 watches for $7500 ($150 per watch) on account. Jul. 31- Sold 40 watches for $12,000 cash. Aug. 12- Purchased 40 watches for $6,400 ($160 per watch) cash. Aug. 22- Sold 30 watches for $9000 on account. Sep. 19- Paid for watches ordered on July 17. Sep 27- Received full payment for watches sold on account on August 22. Oct. 27- Purchased 80 watches for $13,600 ($170 per watch) cash. Nov. 20- Sold 90 watches for $27,000 cash. Dec. 4- Purchased 100 watches for $18,000 ($180 per watch) cash. Dec. 8- Sold 40 watches for $12,000 on account