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Can you prepare journal entry for each transaction? J August 6: Pane purchases land with cash. At the time of purchase, Pane also had to
Can you prepare journal entry for each transaction?
J August 6: Pane purchases land with cash. At the time of purchase, Pane also had to pay for survey fees and costs to demolish a building on the land. Cost of Land $345,000 Demolish Building $2,000 Survey Fees $300 November 1: Pane lends one of their employees cash in exchange for a note receivable. The employee is required to pay Pane K back for the principal and interest on May 1, 2019. Principal $400,000 Interest Rate 7% 5/1/19 Maturity Date November 15: Pane sales additional goods to customers on acco unt. $20,000,000 Sales on account $6,350,000 Cost of Goods Sold M December 1: Pane puchases a piece of machinery with cash that will assist in making "T-Panes" Cost of Machinery $890,000 Installation Fees $500 $1,030 Transportation CostsStep by Step Solution
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