8. Hampton Computers has the following transactions in August related to the sale of merchandise inventory. i (Click the icon to view the transactions.) Journalize the sales transactions for Hampton Computers assuming the company uses the perpetual inventory system. (Record debits first, then credits. Select the explanation on the last line of the journal entry table. Assume the company records sales at the net amount.) Aug. 12: Sold computers on account for $11,900 to a customer, terms 1/15, n/ 60. The cost of the computers is $7,140. Begin by preparing the entry to journalize the sale portion of the transaction. Do not record the expense related to the sale. We will do that in the following step. Date Accounts and Explanation Debit Credit Aug. 12 More Info August 12 Sold computers on account for $11,900 to a customer, terms 1/15, n/60. The cost of the computers is $7,140. 26 Received payment from the customer on balance due. Choose from any list or enter any number in the input fields and then click Check Answer.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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8. Hampton Computers has the following transactions in August related to the sale of merchandise inventory.
i (Click the icon to view the transactions.)
Journalize the sales transactions for Hampton Computers assuming the company uses the perpetual inventory system. (Record debits first, then credits. Select the explanation on the last line of the
journal entry table. Assume the company records sales at the net amount.)
Aug. 12: Sold computers on account for $11,900 to a customer, terms 1/15, n/ 60. The cost of the computers is $7,140.
Begin by preparing the entry to journalize the sale portion of the transaction. Do not record the expense related to the sale. We will do that in the following step.
Date
Accounts and Explanation
Debit
Credit
Aug. 12
More Info
August 12 Sold computers on account for $11,900 to a customer, terms 1/15, n/60.
The cost of the computers is $7,140.
26 Received payment from the customer on balance due.
Choose from any list or enter any number in the input fields and then click Check Answer.
Transcribed Image Text:8. Hampton Computers has the following transactions in August related to the sale of merchandise inventory. i (Click the icon to view the transactions.) Journalize the sales transactions for Hampton Computers assuming the company uses the perpetual inventory system. (Record debits first, then credits. Select the explanation on the last line of the journal entry table. Assume the company records sales at the net amount.) Aug. 12: Sold computers on account for $11,900 to a customer, terms 1/15, n/ 60. The cost of the computers is $7,140. Begin by preparing the entry to journalize the sale portion of the transaction. Do not record the expense related to the sale. We will do that in the following step. Date Accounts and Explanation Debit Credit Aug. 12 More Info August 12 Sold computers on account for $11,900 to a customer, terms 1/15, n/60. The cost of the computers is $7,140. 26 Received payment from the customer on balance due. Choose from any list or enter any number in the input fields and then click Check Answer.
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