Prepare Journal Entries for Transactions

A January 1: Pane purchases inventory on account to make stained glass windows. The contract has terms of 2/10, n/30. The goods were purchased under the shipping terms of FOB Shipping Point. Inventory Cost $95,000 Shipping Cost $400

B January 1: Pane rents some of their extra warehouse space to a tenant for $500/mo. At the beginning of the month, the tenant pays for 1 year of rent. The tenant first occupied the property on January 1 of the current year. Total Rent Paid $6,000 C January 1: Pane purchased a one year insurance policy with coverage beginning on April 1. Insurance Policy $34,000 D January 9: Pane pays for the inventory purchased in transaction A. E February 1: Pane makes sales of on account. Sales on account $500,000 Cost of Goods Sold $20,000