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5. The Poe Company is a retailer of specialty clothing. Poe has a periodic inventory system and a 12/31 fiscal year end. The balance in the inventory account on 12/31/2019 was $630,000. The Poe Co. had the following transactions on the following dates in 2020: On Jan 10, Poe purchased inventory from suppliers for $480,000 on account On Apr. 1, Poe sold merchandise for $900,000 on account On May 25, Poe declared and paid $70,000 of cash dividends to shareholders. On July 31, Poe paid $420,000 for rent on a store building. (the rent contract runs Aug. 1, 2020 to Sept 30, 2021) On Dec. 1, Poe issued 150,000 shares of no par common stock for $450,000 Additional information: On 12/31/20, the count of inventory revealed $740,000 remaining in inventory. Poe estimates bad debts from credit sales to be $27,000. Prepare Poe's 2020 journal entries and adjusting journal entries. (Be sure to include the date). Date Account name Debit Credit