Inventory $=(2,700*$$$0\mathrm{.}60)$

The following transactions occurred during December.

Dec. $3$ Purchased $3,700$ units of inventory on account at a cost of $$0\mathrm{.}66$ per unit.

$5$ Sold $4,100$ units of inventory on account for $$0\mathrm{.}90$ per unit. $($Sandhill sold $2,700$ of the $$0\mathrm{.}60$ units and $1,400$ of the $$0\mathrm{.}66$

units.$)$

$7$ Granted the December $5$ customer $$180$ credit for $200$ units of inventory returned costing $$132.$ These units were

returned to inventory.

$17$ Purchased $2,300$ units of inventory for cash at $$0\mathrm{.}90$ each.

$22$ Sold $2,100$ units of inventory on account for $$1\mathrm{.}04$ per unit. $($Sandhill sold $2,100$ of the $$0\mathrm{.}66$ units.$)$

Adjustment data:

Accrued salaries and wages payable $$420.$

Depreciation on equipment $$210$ per month.

Income tax expense was $$210,$ to be paid next year.

Joutnalize the transactions and adjusting entries