dont give answer in image format Required information[The following information applies to the questions displayed below.]Hospital Equipment Company (HEC) acquired several fMRI machines for its inventory at a cost of $3,800 per machine.HEC usually sells these machines to hospitals at a price of $7,120. HEC also separately sells 12 months of training andrepair services for fMRI machines for $1,780. HEC is paid $7,120 cash on November 30 for the sale of an fMRI machinedelivered on December 1. HEC sold the machine at its regular price, but included one year of free training and repairservice.2. Prepare journal entries would HEC record on November 30 and December 1? (Assume HEC uses a perpetual inventory system forrecording the cost of goods sold.) (If no entry is required for a transaction/event, select "No Journal Entry Required" in the firstaccount field.)View transaction list1 Record the receipt of cash.2 Record the sales revenue for the equipment (MRImachine).3 Record the cost of goods sold.Note :journal entry has been enteredRecord entryClear entryIXItCreditView general journal> Required information[The following information applies to the questions displayed below.]Hospital Equipment Company (HEC) acquired several fMRI machines for its inventory at a cost of $3,800 per machine.HEC usually sells these machines to hospitals at a price of $7,120. HEC also separately sells 12 months of training andrepair services for fMRI machines for $1,780. HEC is paid $7,120 cash on November 30 for the sale of an fMRI machinedelivered on December 1. HEC sold the machine at its regular price, but included one year of free training and repairservice.Required:1. For the machine sold at its regular price, but with one year of "free" training and repair service, determine the dollar amount ofrevenue earned from the equipment sale versus the revenue earned from the training and repair services.EquipmentServiceAllocatedTransactionPrice

A journal entry is a financial accounting record that captures and documents a single transaction or…

Hospital Equipment Company (HEC) acquired several fMRI machines HEC usually sells these machines to hospitals at a price of $7,120. HE repair services for fMRI machines for $1,780. HEC is paid $7,120 cash

Hospital Equipment Company (HEC) acquired several fMRI machines HEC usually sells these machines to hospitals at a price of $7,120. HE repair services for fMRI machines for $1,780. HEC is paid $7,120 cash

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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