Instructions: 1. Prepare the journal entries for transactions A-T below and record them on the "Journal Entries" tab. 2. Once you have created the journal entries, post them to the "T-Accounts" tab. B January 3: Pane receives rent for the 2 years from a tenant who rents one of their empty warehouses. Total Rent Paid $63,000 C January 5: Pane pays for the inventory purchased in transaction A. 6 D February 12: Pane purchased a one year insurance policy on account with coverage beginning on March 1. Insurance Policy $20,000 E 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. Inventory Purchased Shipping Cost $12,325,000 $9,000 F May 31: Pane sells window panes to customers. Some customers paid in cash, others purchased their goods on account. Pane uses the perpetual method to track their inventory. Cash Sales Sales on account Cost of Goods Sold 5,367,000 40,054,000 13,250,000 June 1: Pane pays for the inventory purchased in transaction E