Bracken corporation is a small wholesaler of gourmet food products. data regarding the store's operations follow: • sales are budgeted at $360,000 for november, $380,000 for december, and $380,000 for january. • collections are expected to be 75% in the month of sale, 24% in the month following the sale, and 1% uncollectible. • the cost of goods sold is 85% of sales. • the company would like to maintain ending merchandise inventories equal to 75% of the next month's cost of goods sold. payment for merchandise is made in the month following the purchase. • other monthly expenses to be paid in cash are $22,000. • monthly depreciation is $19,200. • ignore taxes. balance sheet october 31 assets cash $30,000 accounts receivable, net of allowance for uncollectible accounts 78,000 merchandise inventory 229,500 property, plant and equipment, net of $606,000 accumulated depreciation 1,180,000 total assets $1,517,500 liabilities and stockholders' equity accounts payable $302,750 common stock 860,000 retained earnings 354,750 total liabilities and stockholders' equity $1,517,500 expected cash collections in december are:

1tanner invested $135,000 cash along with office equipment valued at $32,400 in the company in exchange for common stock. 2 the company prepaid $7,200 cash for 12 months’ rent for office space. (hint: debit prepaid rent for $7,200.) 3 the company made credit purchases for $16,200 in office equipment and $3,240 in office supplies. payment is due within 10 days. 6 the company completed services for a client and immediately received $2,000 cash. 9 the company completed a $10,800 project for a client, who must pay within 30 days. 13 the company paid $19,440 cash to settle the account payable created on april 3. 19 the company paid $6,000 cash for the premium on a 12-month insurance policy. (hint: debit prepaid insurance for $6,000.) 22 the company received $8,640 cash as partial payment for the work completed on april 9. 25 the company completed work for another client for $2,640 on credit. 28 the company paid $6,200 cash in dividends. 29 the company purchased $1,080 of additional office supplies on credit. 30 the company paid $700 cash for this month’s utility bill. prepare general journal entries to record these transactions. 2. post the journal entries from part 1 to the ledger accounts.