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Prepare ajournal entry for the following transactions: 1 . Purchase of vehicles from manufacturer on account: Debit: Inventory - Vehicles $ 6 0 8 ,

Prepare ajournal entry for the following transactions:
1. Purchase of vehicles from manufacturer on account:
Debit: Inventory - Vehicles $608,000
Credit: Accounts Payable $608,000
2. Return of vehicles to the manufacturer:
Debit: Accounts Payable $152,000
Credit: Inventory - Vehicles $152,000
3. Sale of vehicles for cash:
Debit: Cash $380,000
Credit: Sales Revenue $380,000
(To record the sale of vehicles)
Debit: Cost of Goods Sold $228,000
Credit: Inventory - Vehicles $228,000
(To record the cost of goods sold)
4. Return of vehicle from customer for cash:
Debit: Cash $137,000
Credit: Sales Returns and Allowances $137,000
(To record the return of the vehicle)
Debit: Inventory - Vehicles $76,000
Credit: Cost of Goods Sold $76,000
(To put the vehicle back into inventory at cost)

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