N Sky Probe sells state-of-the-art telescopes to individuals and organizations interested in studying the solar system. At December 31 last year, the company's inventory amounted to $250,000. During the first week of January this year, the company made only one purchase and one sale. These transactions were as follows, 03:4722 Jan. 2 sold one telescope coating $90,000 to Central State University for cash, $117,000. Jan. Purchased merchandise on account from Lunar Optics, $50,000. ferme, net 30 dayu. a. Prepare journal entries to record these transactions assuming that Sky Probe uses the perpetual inventory system. Use separate entries to record the sales revenue and the cost of goods sold for the sale on January 2 b. Compute the balance of the Inventory account on January 7. c. Prepare journal entries to record the two transactions, assuming that Sky Probe uses the periodic inventory system d. Compute the cost of goods sold for the first week of January assuming use of a periodic inventory system. Use your answer to part b as the ending inventory e. Which inventory system do you believe that a company such as Sky Probe would probably use? Complete this question by entering your answers in the tabs below. Required A Required Required Required Required Prepare journal entries to record these transactions assuming that Sky Probe uses the perpetual Inventory system. Use separate entries to record the sales revenue and the cost of goods sold for the sale on January 2. (if no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transaction list Journal entry worksheet 3 > Record the sale of telescope to Central State University for cash. Note Emerbits before credits General Journal Debit Credit Dale Jan. 2 Exam 2 2 . Sky Probe sells state-of-the-art telescopes to individuals and organizations interested in studying the solar system, At December 31 last year, the company inventory amounted to $250,000 During the first week of January this year, the company made only one purchase and one sale. These transactions were as follows: JM.2 Sold one telescope coating 590,000 to Contest Rate University for cash. $117,000. Jan. Parehased merchandise on account from an optie, $50,000. Tern, het 30 days a. Prepare journal entries to record these transactions assuming that Sky Probe uses the perpetual inventory system. Use separate entries to record the sales revenue and the cost of goods sold for the sale on January 2 b. Compute the balance of the Inventory account on January 7 c. Prepare journal entries to record the two transactions, assuming that Sky Probe uses the periodic Inventory system d. Compute the cost of goods sold for the first week of January assuming use of a periodic inventory system. Use your answer to part b as the ending inventory e. Which inventory system do you believe that a company such as Sky Probe would probably use? Complete this question by entering your answers in the tabs below. Her ered New Required Compute the balance of the Inventory account on January Sky Probe seils state-of-the-art telescopes to individuals and organizations interested in studying the solar system. At December 31 last year, the company's inventory amounted to $250,000. During the first week of January this year, the company made only one purchase and one sale. These transactions were as follows. Jan. 2 sold one telescope conting 590,000 to Central State University for cash, $117,000. Jan.5 Purchased merchandise on account from Lunar Optics, 550,000. Terme, net 30 days. a. Prepare journal entries to record these transactions assuming that Sky Probe uses the perpetual inventory system. Use separate entries to record the sales revenue and the cost of goods sold for the sale on January 2. b. Compute the balance of the Inventory account on January 7. c. Prepare journal entries to record the two transactions, assuming that Sky Probe uses the periodic inventory system. d. Compute the cost of goods sold for the first week of January assuming use of a periodic inventory system. Use your answer to part bas the ending Inventory. e. Which inventory system do you belleve that a company such as Sky Probe would probably use? Complete this question by entering your answers in the tabs below. Required A Required Required Required D Required E Compute the cost of goods sold for the first week of January assuming use of a periodic Inventory system. Use your answer to part b as the ending Inventory. Cost of goods sold 2 3 034038 Sky Probe sells state-of-the-art telescopes to individuals and organizations interested in studying the solar system. At December 31 last year, the company's inventory amounted to $250,000. During the first week of January this year, the company made only one purchase and one sale. These transactions were as follows. Jan. 2 sold one telescope costing $90,000 to Central State University for cash, $117,000. Jan.5 Purehased merchandise on account from Lunar Option, $50,000. Teres.net 30 days a. Prepare journal entries to record these transactions assuming that Sky Probe uses the perpetual inventory system. Use separate entries to record the sales revenue and the cost of goods sold for the sale on January 2 b. Compute the balance of the Inventory account on January 7 c. Prepare journal entries to record the two transactions, assuming that Sky Probe uses the periodic inventory system d. Compute the cost of goods sold for the first week of January assuming use of a periodic inventory system. Use your answer to part b as the ending inventory e. Which inventory system do you believe that a company such as Sky Probe would probably use? Complete this question by entering your answers in the tabs below. Required Required Required Recured Roofrede Which Inventory system do you believe that a company such as Sky Probe would probably use? Which inventory system do you beleve that Proie would probably use
