Jennifer is moving to Nashville in a few weeks and needs to find an apartment to rent. She has looked online, talked to her new coworkers about safe areas close to work, and read through nashvilleguru to gather information for her decision. She has narrowed down the area she wants to live to The Gulch, which is a walkable neighborhood and friendly for young urban professionals. Now she is assessing which available apartment buildings and condos in The Gulch suit her wants and needs most. Jennifer is working through which part of the consumer decision-making process

In march 2018, the phillips tool company signed two purchase commitments. the first commitment requires phillips to purchase inventory for $110,000 by june 15, 2018. the second commitment requires the company to purchase inventory for $160,000 by august 20, 2018. the company's fiscal year-end is june 30. phillips uses a periodic inventory system. the first commitment is exercised on june 15, 2018, when the market price of the inventory purchased was $90,000. the second commitment was exercised on august 20, 2018, when the market price of the inventory purchased was $125,000. required: prepare the journal entries required on june 15, june 30, and august 20, 2018, to account for the two purchase commitments. assume that the market price of the inventory related to the outstanding purchase commitment was $144,000 at june 30. (if no entry is required for a transaction/event, select "no journal entry required" in the first account field.)