What journal entries should intel record

Reference no: EM131521487

Question: 1. On December 18, Intel receives $250,000 from a customer toward a cash sale of $2.5 million for computer chips to be completed on January 23. The computer chips had a total production cost of $1.5 million. What journal entries should Intel record on December 18 and January 23? Assume Intel uses the perpetual inventory system.

2. During December, Far West Services makes a $1,200 credit sale. The state sales tax rate is 6% and the local sales tax rate is 2.5%. Record sales and sales tax payable.

Reference no: EM131521487

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What journal entries should intel record : On December 18, Intel receives $250,000 from a customer toward a cash sale of $2.5 million for computer chips to be completed on January 23.

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