Electronics Incorporated purchased 120 computers from its supplier on credit at a cost of $400 per computer
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Question:
Electronics Incorporated purchased 120 computers from its supplier on credit at a cost of $400 per computer (total cost of $48,000). The computers were purchased to be held for sale to customers (i.e., inventory) By the end of the month, they had sold all 120 computers for $700 each for cash (total cash received $84,000). At the end of the month they paid the supplier the $48,000 they owed to settle its account payable with the supplier.
Use the financial statement effects template below to record these transactions.
Related Book For
Modern Advanced Accounting In Canada
ISBN: 9781259066481
7th Edition
Authors: Hilton Murray, Herauf Darrell
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