Instructions:

Prepare the journal entries for transactions A$-$T below and record them on the "Journal Entries" tab.

Once you have created the journal entries, post them to the $"$T$-$Accounts" tab.

Prepare journal entries for adjusting journal entries $1-6.$

Post the adjusting entries to the correct T$-$Accounts in the $"$T$-$Accounts" tab.

Transaction No$.$ Transaction

July $1$: Pane pays cash for a patent that will allow them to produce a revolutionary new window for boats and other marine vehicles

called $"$T$-$Panes".

Cost of Patent

Remaining legal life of patent $($in years$)$

July $28$: Pane issued shares of common stock

Number of shares

Par Value

Price Per Share

Chapter

$9$

$$90,000$

$9$

I

$5,230$

$$2$

$$124$

August $6$: Pane purchases land with cash. At the time of purchase, Pane also had to pay for survey fees related to the land.

Cost of Land

$$124,000$

$$600$

Survey Fees

$11$

$9$

K

November $1$: Pane lends one of their employees $$200,000$ in exchange for a note receivable. The employee is required to pay Pane

back for the principal and interest on September $1,2024.$

Principal

$$200,000$

Interest Rate

$9\%$

Maturity Date

$\frac{9}{1}\frac{?}{24}$

November $15$: Pane sales additional goods to customers on account.

$7,8$

Sales on account

$$20,000,000$

Cost of Goods Sold

$$6,350,000$

Create Journal Entries for problems H$-$L