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What journal entries should Intel record on December

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Question - On December 18, Intel receives $251,000 from a customer toward a cash sale of $2.51 million for computer chips to be completed on January 23. The computer chips had a total production cost of $1.51 million. What journal entries should Intel record on December 18 and January 23? Assume Intel uses the perpetual inventory system. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Enter your answers in dollars, not millions. For example, $5.5 million should be entered as 5,500,000.)

Journal 1-Record the collection of cash on December 18.

Journal 2-Record the sale of computer chips inventory and the remaining cash collection on January 23.

Journal 3-Record the cost of inventory sold.

Reference no: EM133030389

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