Journal Entires.xlsx ... AP3-7A (Journalizing, posting, and preparing trial balance) Sweet Dreams Chocolatiers Ltd. began operations on January 1, 2020. During its first year, the following transactions occurred: 1. Issued common shares for $200,000 cash. 2. Purchased $475,000 of inventory on account. 3. Sold inventory on account for $640,000. The original cost of the inventory that was sold was $380,000. 4. Collected $580,000 from customers on account. 5. Paid $430,000 to suppliers for the inventory previously purchased on account. 6. Bought a delivery vehicle for $36,000 cash. 7. Paid $26,000 for rent, including $2,000 related to the next year. 8. Incurred $20,000 of operating expenses, of which $18,000 was paid. 9. Recorded $2,000 of depreciation on the vehicle. 10. Declared and paid dividends of $6,000. Required a. Prepare journal entries to record each of the above transactions. C 1:02 .ull 4G Opening Revenue Recognition.xlsx Main 1 Main 2 Steps Determine the transaction price Recognice revenue when cach performance obligation is tisfied Indentify the contract Allocate the transaction price to performance obligations Identify the performance obligations