When the master guiding the construction of the cathedral fell seriously ill for two months, all construction halted during that time. O Architects and engineers tend to overlap in the sorts of problems they solve and how they choose to solve them.
O Engineers tend to approach problems abstractly, while architects approach problems practically.
O Architects and engineers solve completely different problems and so can work independently of one another easily Architects and engineers attack similar problems from different angles, architects approaching the problems conceptually and engineers approaching them concretely.

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.)