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Please create Journal entries ASAP.. Need in 30 minutes On December 1, purchased inventory on account totalling $9,000 and recorded it into their perpetual inventory
Please create Journal entries ASAP.. Need in 30 minutes
On December 1, purchased inventory on account totalling $9,000 and recorded it into their perpetual inventory system. Terms are 2/10, n 30 and recorded under the gross method Date Accounts Debit Credit Dec. 1 Purchases 9000 Account payable 9000 On December 2, a customer signs a contract to buy an equipment and service plan bundle with cash. The equipment normally sells for $270 and is bundled with an 18-month service plan, which usually sells for $50 per month. The price for the bundle is $1030 and the cost of the equipment to Smart Touch is $180. Smart Touch uses the perpetual inventory method and a relative sales value basis approach to allocate revenue between the equiment and the service plan. Round intermediary values to one decimal place and round final values to the nearest whole dollar. Date Accounts Debit Credit Dec. 2Step by Step Solution
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