1J 15 marks (15 minutes) Prepare journal entries for each of the events below. Clearly label each account name used as an asset (A), liability (L), revenue (R), expense (E) or shareholders' equity (SE) account. 1. A company purchases inventory on account from a supplier, for a cost of $82,000. In addition, the company pays cash of $3,000 to transport the inventory to its warehouse, and $5,000 to inspect and repackage the inventory. 2. A pipe bursts in the warehouse, and inventory with an estimated cost of $6,000 is damaged and must be thrown away, 3. 50% of the remaining inventory in the warehouse is sold to customers on account at a selling price of $75,000 4. 5% of the goods sold to customers are returned for a full refund. The goods are put back in the warehouse. 5. At the end of the fiscal year, management files a claim with the insurance company for the inventory damaged due to the burst pipe. After paying the policy deductible, management expects to collect $4,500 from the insurance company. 6. At the end of the fiscal year, only $4,000 of amounts owing to suppliers for purchases of inventory were still unpaid. Edit View Insert Format Tools Table 12pt Paragraph A