What journal entries the company would use to cover up

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Reference no: EM133432565

Question: The following paragraphs describe fraudulent accounting committed by the company Gateway in. After reading the paragraphs, list the journal entries you would have used to do what is described here. You will have to make an educated guess as to what journal entries the company would use to cover up the fraud.

A deal required the IT services provider to pay Gateway $47.2 million for the hardware over a five month period in five equal payments beginning October 30, 2000; the deal further permitted Gateway to lease the equipment back from the IT services provider over a 36 month period, by prepaying the IT services provider a $47.2 million payment on October 2, 2000.

Reference no: EM133432565

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