Prepare any journal entries relevant to the year for alabama

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Problem 1: Alabama Automotive bought 10 vans from Tesla. Alabama paid $100,000 up front and will pay the remaining $400,000 a month after the vans are delivered. Alabama is constructing awarehouse and can't take possession of the vans until December 1. Teslawill not deliver the vans for three months and instead will deliver them on December 1 to Alabama. The vans have been identified and set aside for Alabama. Prepare any journal entries relevant to the year 2020 for Alabama Automotive. Alabama Automotive has a calendar fiscal year.

Reference no: EM132973432

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