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Prepare journal entries to record the two transactions

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STAR-TRACK sells satellite tracking systems for receiving television broadcasts from communication satellites in space. At December 31, 2009, the company's inventory amounted to $44,000. During the first week in January 2010, 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 $20000 cash. The system consisted of seven different devices, which had total cost to STAR-TRACK of $11200.

Jan 7 - Purchased two Model 400 and four Model 800 satellite dishes from Yamaha Corp. The total cost of this purchase amounted to $10000; terms 2/10, n/30

Question 1: Prepare journal entries to record these transactions, assuming that STAR-TRACK uses a perpetual inventory system.

Question 2: Prepare journal entries to record the two transactions, assuming that STAR-TRACK uses a periodic inventory system.

Reference no: EM132557713

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