Accounting question involving resale for profit

[Bill Schmidt]

1/1 Inventory(tickets)	1000 DR
1/1 Cash				1000 CR

2/1 Acct Receivable	60 DR
2/1 Sales				60 CR
2/1 Cost of Sales		20 DR
2/1 Inventory			20 CR

3/1 Acct Receivable	70 DR
2/1 Sales				70 CR
2/1 Cost of Sales		20 DR
2/1 Inventory			20 CR

4/1 Cash			60 DR
4/1 Acct Rec			60 CR

5/1 Cash			70 DR
5/1 Acct Rec			70 CR

6/1 Entertainment		20 DR
6/1 Inventory			20 CR

8/1 Entertainment		20 DR
8/1 Inventory			20 CR

8/1 Entertainment		20 DR
8/1 Inventory			20 CR

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