Inventory $ $9,750,000$

Accounts Payable $ $9,750,000$

Unearned Rent Revenue $ $63,000$

Cash$**$ $ $63,000$

Accounts Payable $ $9,750,000$

Cash $ $9,555,000$

Inventory $ $195,000$

Prepaid Insurance $ $20,000$

Cash $ $20,000$

Inventory $ $12,134,000($$$12,125,000+$ $$9$k shipping$)$

Accounts Payable $ $12,134,000$

Cash $ $5,367,000$

Sales Revenue $ $45,421,000$

Accounts Receivable $ $40,054,000$

Cost of Goods Sold $ $13,250,000$

Inventory $ $13,250,000$

Accounts Payable $ $12,134,000$

Cash $ $12,134,000$

Patents $ $90,000$

Cash $ $90,000$

Cash $ $650,620$

Common Stock $ $10,460$

Additional Paid$-$In Capital $ $640,160$

Land $ $124,600$

Cash $ $124,600$

Notes Receivable $ $200,000$

Cash $ $200,000$

Accounts Receivable $ $20,000,000$

Sales Revenue $ $20,000,000$

Cost of Goods Sold $ $6,350,000$

Inventory $ $6,350,000$

Equipment $ $895,280$

Cash $ $895,280$

Cash $ $43,758,000$

Accounts Receivable $ $43,758,000$

Cash $ $10,000$

Accumulated Depreciation $($equipment$)$ $ $38,000$

Loss on Sale $ $7,000$

Equipment $ $55,000$

Income Tax Expense $ $2,000,000$

Cash $ $2,000,000$

Salary and Wages Expense $ $43,750$

Cash $ $43,750$

Bad Debt $ $3,000$

Accounts Receivable $ $3,000$

Cash Dividend $ $8,000$

Cash $ $8,000$

Total debits$/$ credits should equal this amount, $185,404,400,$ but right now they equal $ $176,700,250.$ Can you tell me where I went wrong please? The transactions I made the journal entries from are as follows.

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 destination.

Inventory Purchased $$9,750,000$

Shipping Cost $$5,050$

B January $3$: Pane receives rent for the $2$ years from a tenant who rents one of their empty warehouses.

Total Rent Paid $$63,000$

C January $5$: Pane pays for the inventory purchased in transaction A$.$

D February $12$: Pane purchased a one year insurance policy with coverage beginning on March $1.$

Insurance Policy $$20,000$

E March $1$: Pane purchases additional inventory on account to make stained glass windows. The goods were purchased under the shipping terms of FOB shipping point.

Inventory Purchased $$12,125,000$

Shipping Cost $$9,000$

F May $31$: Pane sells window panes to customers. Some customers paid in cash, others purchased their goods on account. Pane uses the perpetual method to track their inventory.

Cash Sales $5,367,000$

Sales on account $40,054,000$

Cost of Goods Sold $13,250,000$

G June $1$: Pane pays for the inventory purchased in transaction E$.$

H 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 $$90,000$

Remaining legal life of patent $($in years$)9$

I July $28$: Pane issued shares of common stock

Number of shares $5,230$

Par Value $$2$

Price Per Share $$124$

J 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$

Survey Fees $$600$

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 $9/1/2024$

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

Sales on account $$20,000,000$

Cost of Goods Sold $$6,350,000$

M December $1$: Pane puchases a piece of machinery with cash that will assist in making $"$T$-$Panes"

Cost of Machinery $$890,000$

Installation Fees $$4,250$

Transportation Costs $$1,030$

N December $10$: Pane collects a portion of their accounts receivable

Amount collected $$43,758,000$

O December $18$: Pane sold a piece of their equipment for $$10,000$ in exchange for cash.

Sale Price $$10,000$

Equipment Historical Cost $$55,000$

Accumulated Depreciation for this equipment $$38,000$

P December $31$: Pane paid the IRS their $2023$ income tax.

Income Tax Paid $$2,000,000$

Q The payroll information for the year is shown below. All salaries and wages were previously paid for in cash, however this activity has been recorded on Pane's d$.$

Number of employees $200$

employee payment $($daily$)$ $$175$

days worked in current year $250$

S On December $31,$ Pane was o that one of their customers filed bankruptcy and wouldn't be able to pay off their $$3,000.$

T On December $31,$ Pane paid cash dividends of $$8,000$ to it's shareholders.