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What are the journal entries for the transaction

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Miramar Co. purchased 10 mini cars from Drive&Fun paying $12,000 up front and will pay the remaining $46,000 one month after the cars are delivered. Miramar is building a new warehouse facility and is unable to take the cars at the moment. Drive&Fun is going to hold the cars for three months and deliver them on December 1 to Miramar. The cars have been identified and set aside for Miramar.

Question 1: What are the journal entries for this transaction?

Reference no: EM132606741

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