State College Technology Store is a retial computer store in the university center of a large midwestern university. The school engaged in the following transactions during January of the current year. At December 31 last year, the company’s inventory amounted to $150000. Jan. 8 Purchased 20 Nonpxe laptop computers on account from Led Inc. The laptop comptuers cost $800 each. Payment is due in 30 days Jan. 10 Sold 4 Nopxe laptop computers on account to the Department of Microbiology at State College at a retail sales price of $1200. Unit cost of each laptop was $1000. Prepare journal entries to record these transactions assuming that the company uses periodic inventory system
State College Technology Store is a retial computer store in the university center of a large midwestern university. The school engaged in the following transactions during January of the current year. At December 31 last year, the company’s inventory amounted to $150000. Jan. 8 Purchased 20 Nonpxe laptop computers on account from Led Inc. The laptop comptuers cost $800 each. Payment is due in 30 days Jan. 10 Sold 4 Nopxe laptop computers on account to the Department of Microbiology at State College at a retail sales price of $1200. Unit cost of each laptop was $1000. Prepare journal entries to record these transactions assuming that the company uses periodic inventory system
Cornerstones of Cost Management (Cornerstones Series)
4th Edition
ISBN:9781305970663
Author:Don R. Hansen, Maryanne M. Mowen
Publisher:Don R. Hansen, Maryanne M. Mowen
Chapter2: Basic Cost Management Concepts
Section: Chapter Questions
Problem 18E: Lakeesha Barnett owns and operates a package mailing store in a college town. Her store, Send It...
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- State College Technology Store is a retial computer store in the university center of a large midwestern university. The school engaged in the following transactions during January of the current year. At December 31 last year, the company’s inventory amounted to $150000.
Jan. 8 Purchased 20 Nonpxe laptop computers on account from Led Inc. The laptop comptuers cost $800 each. Payment is due in 30 days
Jan. 10 Sold 4 Nopxe laptop computers on account to the Department of Microbiology at State College at a retail sales price of $1200. Unit cost of each laptop was $1000.
- Prepare
journal entries to record these transactions assuming that the company uses periodic inventory system
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