Prepare general journal entries for the following transactions of Laurier Company,who use the perpetual inventory system: 
Definitions:
Affirming Contract
The act of formally agreeing to the terms of a contract, thereby making it legally binding.
Hadley v. Baxendale
A foundational English contract law case that established the rule regarding the recoverability of damages for breach of contract based on foreseeability.
Foreseeable Damages
Foreseeable damages are those losses that a party could reasonably anticipate at the time of contract formation, resulting from a breach of the contract.
Penalty
refers to a punishment imposed for breaking a law, rule, or contract.
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