Question: On December 12, 2016, 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, 2016, Pace Electronics received $24,000 from a customer toward a cash sale of $240,000 of diodes to be completed on January 16, 2017.

What journal entries should Pace record on December 12 and January 16?

1. Dec. 12 Record the appropriate entry on December 12.

2. Jan 16. Record the appropriate entry on January 16.

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