last entry is"record the cost of inventory sold"these are all part of one problem On December 18, Intel receives $241,000 from a customer toward a cash sale of $2.41 million for computer chips to be completed onJanuary 23. The computer chips had a total production cost of $1.41 million. What journal entries should Intel record on December 18and January 23? Assume Intel uses the perpetual inventory system. (If no entry is required for a particular transaction/event, select"No Journal Entry Required" in the first account field. Enter your answers in dollars, not millions. For example, $5.5 million shouldbe entered as 5,500,000.)View transaction listJournal entry worksheet123>Record the collection of cash on December 18.Note: Enter debits before credits.DateGeneral JournalDebitCreditDecember 18 Journal entry worksheet13>Record the sale of computer chips inventory and the remaining cash collectionon January 23.Note: Enter debits before credits.DateGeneral JournalDebitCreditJanuary 23Record entryClear entryView general journal

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Description: last entry is"record the cost of inventory sold"these are all part of one problem On December 18, Intel receives $241,000 from a customer toward a cash sale of $2.41 million for computer chips to be completed onJanuary 23. The computer chips had a to

Perpetual inventory methodology of accounting of inventory states that the update accounting records…

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On December 18, Intel receives $241,000 from a customer toward a cash sale of $2.41 million for computer chips to be complet January 23. The computer chips had a total production cost of $1.41 million. What journal entries should Intel record on Decemb and January 23? Assume lIntel uses the perpetual inventory system. (If no entry is required for a particular transaction/event,

On December 18, Intel receives $241,000 from a customer toward a cash sale of $2.41 million for computer chips to be complet January 23. The computer chips had a total production cost of $1.41 million. What journal entries should Intel record on Decemb and January 23? Assume lIntel uses the perpetual inventory system. (If no entry is required for a particular transaction/event,

FINANCIAL ACCOUNTING

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ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Concept explainers

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.

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Question

last entry is

"record the cost of inventory sold"

these are all part of one problem

On December 18, Intel receives $241,000 from a customer toward a cash sale of $2.41 million for computer chips to be completed on
January 23. The computer chips had a total production cost of $1.41 million. What journal entries should Intel record on December 18
and January 23? Assume Intel uses the perpetual inventory system. (If no entry is required for a particular transaction/event, select
"No Journal Entry Required" in the first account field. Enter your answers in dollars, not millions. For example, $5.5 million should
be entered as 5,500,000.)
View transaction list
Journal entry worksheet
1
2
3
>
Record the collection of cash on December 18.
Note: Enter debits before credits.
Date
General Journal
Debit
Credit
December 18

Journal entry worksheet
1
3
>
Record the sale of computer chips inventory and the remaining cash collection
on January 23.
Note: Enter debits before credits.
Date
General Journal
Debit
Credit
January 23
Record entry
Clear entry
View general journal

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