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Can you prepare journal entries for each transaction? June 1: Pane pays for the inventory purchased in transaction D. July 1: Pane pays cash for
Can you prepare journal entries for each transaction?
June 1: Pane pays for the inventory purchased in transaction D. July 1: Pane pays cash for a patent that will allow them to produce a revolutionary new window for boats and other marine vehicles called "T-Panes" G Cost of Patent $100,000 Remaining legal life of patent (in years) 20 H July 28: Pane issued shares of common stock Number of shares 6,500 $1 Par Value Price Per Share $42 July 31: Pane sells window panes to customers. Some customers paid in cash, others purchased their goods on accoun unt. Pane uses the perpetual method to track their inventory. Cash Sales 5,367,000 Sales on account 40,054,000 Cost of Goods Sold 13,250,000Step by Step Solution
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