Analyze and post journal entries
1.) Cottonwood's credit department approved BCC for up to $15,000 credit at termsof net 15. BCC has been asked to send payment of $6,000 so that their order can ben shipped.
2.) Cottonwood placed a purchased order with a local vendor for the new industrial shelving for the warehouse that was approved in Cottonwood's budget. The total price for the shelving is $24,000 plus 7.25% sales tax. Insallation costs are quoted at $1,200. Vendor payment terms are net 10.
3.) The Bozeman Convention Center, (BCC), in Montana contacted Cottonwood with an order for $21,000 in resale merchandise. Cost of the merchandise was $13,400. BCC has never purchased from Cottonwood before, but has already submitted the appropriate paperwork to Cottonwood's credit department.