On December 18, Intel receives $260,000 from a customer toward a cash sale of $2.6 million for computer chips to be completed on January 23. The computer chips had a total production cost of $1.6 million. In addition to the Cash account, how will this receipt of cash be reflected in financial statements on December 31? Note: Enter your answers in dollars, not in millions (i.e. $5.5 million should be entered as $5,500,000). Answer is complete but not entirely correct. Balance Sheet Accounts Receivable $ 260,000 X Deferred Revenue $ 260,000

On December 18, Intel receives $260,000 from a customer toward a cash sale of $2.6 million for computer chips to be completed on January 23. The computer chips had a total production cost of $1.6 million. In addition to the Cash account, how will this receipt of cash be reflected in financial statements on December 31? Note: Enter your answers in dollars, not in millions (i.e. $5.5 million should be entered as $5,500,000). Answer is complete but not entirely correct. Balance Sheet Accounts Receivable $ 260,000 X Deferred Revenue $ 260,000

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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