Click Computers has the following transactions related to the sale of merchandis

Question

Click Computers has the following transactions related to the sale of merchandise inventory. (Click the icon to view the transactions) nalize the transactions for Click Computers assuming that the company uses the perpetual inventory system. (Record debits first, then credits Select the anation on the last ine of the journal entry table) 1: Sold a computer (cost n by preparing the entry to Date contract valued at $1 t in the following ste More Info Mar. 1 Sold a computer (cost of $3,000) for $8.000 to a customer. The customer paid cash The sales price included a one-year service contract valued at S168 Recorded the amount of service contract earned Dec. 31 Print Done journalize the expense related to the March 1 sale Cost of Goods Sold. $3,000 se from any list or enter any number in the input ields and then continue to the next question

Explanation / Answer

JOURNAL ENTRIES: DATE ACCOUNTS TITLE AND EXPLANATION DEBIT $ CREDIT $ 1-Mar Cash Account Dr. 8000      Sales revenue Account 7832       Unearned Service revenue 168 Cost of goods sold Dr. 3000      Inventory Account 3000 31-Dec Unearned Service revenue Dr. 140      Service revenue Account 140 (for recognizing the revenue of 10 months)

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