On December 18, Intel receives $243,000 from a customer toward a cash sale of $2

Question

On December 18, Intel receives $243,000 from a customer toward a cash sale of $2.43 million for computer chips to be completed on January 23. The computer chips had a total production cost of $1.43 million. What journal entries should Intel record on December 18 ar January 23? Assume Intel uses the perpetual inventory system. (If no entry is required for a transaction/event, select "No journal er required" in the first account field. Enter your answers in dollars, not in millions (i.e. 5 should be entered as 5,000,000).) View transaction list Journal entry worksheet 3 To record advance receipt of cash. Note: Enter debits before credas. Debit Credit Date December 18 General Journal Record entry Clear entry View general journal

Explanation / Answer

Intel:

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Date General Journal Debit Credit Dec. 18 Cash 243000 Unearned revenue 243000 (To record advance receipt of cash) Jan. 23 Cash 2187000 Unearned revenue 243000 Sales revenue 2430000 (To record cash sale) Jan. 23 Cost of goods sold 1430000 Inventory 1430000 (To record cost of goods sold)

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