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On Jan 1st, 2022: Dealers Inc. buys 30 cars from Chevy Motors for $1,800,000 total. Dealers must also pay InsureCars Inc. $24,000 for shipping insurance,

  • On Jan 1st, 2022: Dealers Inc. buys 30 cars from Chevy Motors for $1,800,000 total. Dealers must also pay InsureCars Inc. $24,000 for shipping insurance, $33,000 to Chevy for destination charges, incur $12,000 in expenses for unloading, cleaning, and tagging the vehicles, before a customer can test-drive and buy them. The cars are immediately ready for sale on January 2nd, 2022. Dealers Inc. sells 1 car on January 3rd, 2022 for $100,000. 

  • Record the journal entry of Dealers Inc. on January 3rd, 2022, for this car sale.

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