It$$s May $8$th$,$ and you are currently working through the month$-$end close for April. You$$ve been reviewing and reconciling all the credit card transactions for the previous month. You see a large charge of $$36,000$ for a new vendor $($Salesloft$)$ you$$ve not seen before charged on April $15$th$.$ Unsure how to code this transaction, you reach out to the cardholder $($CRO$)$ to ask what the charge is for. He responds, $$Salesloft is a new software engagement tool we purchased to help enable our sales and marketing teams to operate more efficiently.$$ Being that you are very thorough, you request for him to send you over the signed contract so you may properly review the contract details and record this transaction. The contract includes the following details:

$$ Subscription Fees: $$33,000$

$$ Implementation Fees: $$2,000$

$$ Sales tax: $$1,000$

$$ Subscription Term and Start Date: $12$ months, February $10,2024$ February $9,2025$

$$ License Quantity: $24$

$$ Payment Terms: Annually in advance, by credit card, net $60$

You realize that the company has missed recording this purchase back when the deal was signed, and all previous months$$ books have been closed and published. You roll up your sleeves knowing that you now need to fix this error.

Please:

$1)$ Walk through the step$-$by$-$step process and accounting entries you would make to fix this error. Please include amounts, GL accounts, memos, and dates of these entries.