1. ConnecTech bought 400 computers in December 20X2 for $300 each. It paid $260 to...
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Accounting
1. ConnecTech bought 400 computers in December 20X2 for $300 each. It paid $260 to have them delivered to its store. In January 20X3, ConnecTech sold 220 of the computers for $550 each. ConnecTech uses a perpetual inventory system.
a. Prepare the journal entry(ies) to record ConnecTechs purchase of the computers.
b. Determine the balance in ConnecTechs ending inventory on December 31, 20X2.
c. Prepare the journal entry(ies) to record the sale of the computers.
d. Determine the balance in ConnecTechs ending inventory on January 31, 20X3.
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