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9/10) During the weekend of Sept. 25-27, 2015, Apple sold 13 million iPhone 6S and iPhone 6S Plus phones. Each phone had been accounted for
9/10) During the weekend of Sept. 25-27, 2015, Apple sold 13 million iPhone 6S and iPhone 6S Plus phones. Each phone had been accounted for in Apples inventory at their manufacturing cost of $349 and were sold for $649. Assuming that all 13 million phones were sold on account, please write the two journal entries needed to record the revenue and reduction from inventory:
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