1. State College Technology Store is a retial computer store in the university center of a...
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1. State College Technology Store is a retial computer store in the university center of a large midwestern university. The school engaged in the following transactions during January of the current year. At December 31 last year, the company's inventory amounted to $150000. (50 points) Jan. 8 Purchased 20 Nonpxe laptop computers on account from Led Inc. The laptop comptuers cost $800 each. Payment is due in 30 days Jan. 10 Sold 4 Nopxe laptop computers on account to the Department of Microbiology at State College at a retail sales price of $1200. Unit cost of each laptop was $1000. e. Prepare journal entries to record these transactions on January 8 and January 10 assuming that the company uses perpetual inventory system. Date Debit Credit Db Cr Date Debit Credit Db Cr Date Debit Credit Db Cr 1. State College Technology Store is a retial computer store in the university center of a large midwestern university. The school engaged in the following transactions during January of the current year. At December 31 last year, the company's inventory amounted to $150000. (50 points) Jan. 8 Purchased 20 Nonpxe laptop computers on account from Led Inc. The laptop comptuers cost $800 each. Payment is due in 30 days Jan. 10 Sold 4 Nopxe laptop computers on account to the Department of Microbiology at State College at a retail sales price of $1200. Unit cost of each laptop was $1000. e. Prepare journal entries to record these transactions on January 8 and January 10 assuming that the company uses perpetual inventory system. Date Debit Credit Db Cr Date Debit Credit Db Cr Date Debit Credit Db Cr
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Related Book For
Financial and Managerial Accounting the basis for business decisions
ISBN: 978-0078111044
16th edition
Authors: Jan Williams, Susan Haka, Mark Bettner, Joseph Carcello
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