11 In March 2021, the Philips Tool Company signed two purchase commitments. The first commitment requires Phillips to purchase Inventory for $110.000 by June 15, 2021 The second commitment requires the company to purchase inventory for $160,000 by August 20.202L The company's fiscal yewend is June 30. Phillips uses a periodic Inventory system, The first commitment is exercised on June 15, 2021 when the market price of the inventory purchased was $90.000. The second commitment was exercised on August 20, 2021 when the market price of the inventory purchased was $125.000 Required Prepare the journal entries required on June 15, June 30, and August 20, 2021. to account for the two purchase commitments Assume that the market price of the inventory related to the outstanding purchase commitment was $144,000 at June 30. (If ne entry is required for transaction/event, select "No journal entry required in the first account field.) Journal entry worksheet > Record any necessary adjusting related to the second purchase General Journal 50.2003 View transaction list Journal entry worksheet Record the purchase of Inventory related to the second purchase commitment, Tuote. Enter debits before credits Date Debit Credit August 20, 2021 General Journal foss on purchase commitment Estimated liability sa purchase commitment Purchases Sash 160 000 Recordenly Clear entry View general journal