On January 1, 2025, Norma Smith and Grant Wood formed a computer sales and service company in Soapsville, Arkansas, by investing $90,404 cash. The new company, Concord Sales and Service, has the following transactions during January. 1. 2. 3. 4. 5. Pays $12,000 in advance for 3 months' rent of office, showroom, and repair space. Purchases 45 personal computers at a cost of $1,616 each, 11 graphics computers at a cost of $2,616 each, and 30 printers at a cost of $416 each, paying cash upon delivery. Sales, repair, and office employees earn $13,004 in salaries and wages during January, of which $3,404 was still payable at the end of January. Sells 35 personal computers at $2,666 each, 9 graphics computers for $3,716 each, and 20 printers for $616 each; $75,404 is received in cash in January, and $63,670 is sold on a deferred payment basis. Other operating expenses of $8,804 are incurred and paid for during January; $2,404 of incurred expenses are payable at January 31.

Onjanuary 1,2025, Norma Smith and Grant Wood formed a computer sales and service compary in Soapsville, Arkartisas, by irvesting $90,404 cash. The new company, Concord Sales and Service, has the following tramsactions during Janaary. 1. Pars $12000 in advince for 3 months' rent of office, showroon, and tepair space. 2. Purchases 45 personat computers at a cost of $1,616 each 11 grachics computers at a cost of $2,616 each. and 30 printers at a cost of $416 each, payine cash upon detivery. 3. Syen, repaif, and olfice emploves earn $13,004 in salaries and wages during lanuary, of which $3,404 was still payable at the end of January. 4. Sells 35 porvoal computers at $2,666 each, 9 graphics computers for $3,716 exh, and 20 printers for 3616 each; $75,404 is recived in cash in Jamary, and $65,670 is sold on a defered parment busis. 5. Other operating wopensus of $8,804 are incurred and paid for during J souarv, $2,404 of incurred expanses are paysble at january 31. eTextbook and Media List of Accounts Chapter 2 Homework Question 7 of 7 0.39/1.5: Cahnas (2) Accrual Basis Assets Wablitics and omaent Gurity 5