On July 8, Compusoft receives $350,000 from a customer toward a cash sale of $0.90 million...
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On July 8, Compusoft receives $350,000 from a customer toward a cash sale of $0.90 million for customized computer equipment to be completed on August 1. The remaining $550,000 payment is received upon delivery of the product on August 1. The equipment had a total production cost of $680,000. What journal entries should Compusoft record on July 8 and August 1? Assume Compusoft uses the perpetual inventory system. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Enter your answers in dollars, not in millions.) Record the cash received in advance for computer equipment. Record the sales revenue. Record the cost of goods sold. On July 8, Compusoft receives $350,000 from a customer toward a cash sale of $0.90 million for customized computer equipment to be completed on August 1. The remaining $550,000 payment is received upon delivery of the product on August 1. The equipment had a total production cost of $680,000. What journal entries should Compusoft record on July 8 and August 1? Assume Compusoft uses the perpetual inventory system. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Enter your answers in dollars, not in millions.) Record the cash received in advance for computer equipment. Record the sales revenue. Record the cost of goods sold.
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Q What journal entries should Compusoft record on July 8 and August 1 Solution In the books ... View the full answer
Related Book For
Financial Accounting
ISBN: 978-0078025549
3rd edition
Authors: J. David Spiceland, Wayne Thomas, Don Herrmann
Posted Date:
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