Instructions:

Prepare the journal entries for the transaction below.

Transaction number:

I June $29$: Pane purchases additional inventory on account to make stained glass windows. The contract has terms of $\frac{2}{10}$ and $\frac{n}{30}.$ The goods were purchased under the shipping terms of FOB destination.

Inventory Purchased

$$7,950,000$

Shipping Cost

$$15,050$

K$.$ July $6$: Pane pays for the inventory purchased in transaction $1.$

$\backslash$table$[[$Date$,$Account,Debit,Credit$],[,,,],[,,,],[,,,],[,,,]]$

Available list of accounts to use in journal entries:

$\backslash$table$[[$Cash$,$Patents,$\backslash$table$[[$Accumulated$],[$Amortization$]],$Interest Receivable$],[$Accounts Receivable,$\backslash$table$[[$Prepaid Insurance$],[$Expense$]],$Accounts Payable,$\backslash$table$[[$Unearned Rent$],[$Revenue$]]],[$Inventory$,$Salaries Payable,Dividends Payable,Common Stock$],[\backslash$table$[[$Allowance For Bad$],[$Debts$]],\backslash$table$[[$Additional Paid in$],[$Capital$]],$Retained Earnings,Sales Revenue$],[$Notes Receivable,Rent Revenue,Interest Revenue,Cost of Goods Sold$],[\backslash$table$[[$Accumulated$],[$Depreciation$]],\backslash$table$[[$Loss on Sale of$],[$Equipment$]],$Depreciation Expense,Amortization Expense$],[$Equipment$,$Salaries Expense,Bad Debt Expense,Insurance Expense$],[$Land$,$Interest Expense,Income Tax Expense,Dividends$],[$Buildings$,,,]]$