Question
On March 21, OfficeTech signed a contract with Atlantic Tech University to sell it 106 laser printers and 126 additional high-volume toner cartridges. The contract
On March 21, OfficeTech signed a contract with Atlantic Tech University to sell it 106 laser printers and 126 additional high-volume toner cartridges. The contract price was $48,800. OfficeTech normally charges $395 for each laser printer and $92 for each high-volume toner cartridge. The printers cost OfficeTech $308, while each toner cartridge costs $53. No sales returns or allowances are expected by OfficeTechs management. All of the printers were delivered to the university on March 26, but the toner cartridges were not delivered until April 3 because they were shipped from a different warehouse.
Please explain for me which accounts right for part b, thank you.
(a) Your answer is correct. Determine the amount of revenue that Office Tech would be able to recognize in March. (Round intermediate calculations and final answers to 0 decimal places, e.g. 5,125.) Allocated Selling price Laser printers $ 38064 Toner cartridges 10736 Total $ 48800 Amount of revenue recognized in March $ 38064 e Textbook and Media Solution Assistance Used List of Accounts Attempts: 2 of 10 used (b) Your answer is partially correct. Record the March transactions in the records of Office Tech, which uses a perpetual inventory system. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts. Round answers to the nearest whole dollar, eg. 5,275.) Debit Credit Date Account Titles and Explanation March Accounts Receivable 26 38,064. Freight Out 38,064. 26 Cost of Goods Sold 32,648 Purchase Returns and Allowances 32,648Step by Step Solution
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