Electronics Incorporated purchased 120 computers from its supplier on credit at a cost of $400 per computer (total cost of $48,000). The computers were purchased to be held for sale to customers (i.e., inventory)

By the end of the month, they had sold all 120 computers for $700 each for cash (total cash received $84,000).

At the end of the month they paid the supplier the $48,000 they owed to settle its account payable with the supplier.Use the financial statement effects template below to record these transactions.