Reference no: EM132558219
STAR-TRACK sells satellite tracking systems for receiving television broadcasts from communications satellites in space. At December 31, 2019, the company's inventory amounted to $44,000. During the first week in January 2020, STAR-TRACK made only one purchase and one sale. These transactions were as follows:
Jan. 3. Sold a tracking system to Mystery Mountain Resort for $20,000 cash. The system consisted of seven different devices, which had a total cost to STAR-TRACK of $11,200.
Jan. 7 Purchased two Model 400 and four Model 800 satellite dishes from Yamaha Corp. The total cost of this purchase amounted to $10,000; terms 2/10, n/30.
Requirements:
Question 1: Prepare journal entries to record the two transactions, assuming that STAR-TRACK uses a periodic inventory system.
Question 2: Prepare journal entries to record these transactions, assuming that STAR-TRACK uses a perpetual inventory system.
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