Question: On December 12, 2011, Pace Electronics received $24,000 from a customer toward a cash sale of $240,000 of diodes to be completed on January 16,

On December 12, 2011, Pace Electronics received $24,000 from a customer toward a cash sale of $240,000 of diodes to be completed on January 16, 2012. What journal entries should Pace record on December 12 and January 16?

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