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Can you Prepare journal entries for each transaction? Transaction No. Transaction January 1: Pane purchases inventory on account to make stained glass windows. The contract
Can you Prepare journal entries for each transaction?
Transaction No. Transaction January 1: Pane purchases inventory on account to make stained glass windows. The contract has terms of 2/10, n/30. The goods A were purchased under the shipping terms of FOB Destination Inventory Purchased Shipping Cost $7,750,000 $4,000 January 5: Pane pays for the inventory purchased in transaction A. B January 6: Pane's tenant pays for 3 years of rent. The tenant first occupied the property on January 1 of the current year. C $30,000 Total Rent Paid March 1: Pane purchases additional inventory on account to make stained glass windows. The goods were purchased under the shipping terms of FOB shipping point. The contract has the terms of 1/10, n/30. Inventory Purchased $12,325,000 Shipping Cost a00'6$ E March 12: Pane purchased a one year insurance policy with coverage beginning on April 1. Insurance Policy $40,000
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