On december 18, intel receives $246,000 from a customer toward a cash sale of $2.46 million for computer chips to be completed on january 23. the computer chips had a total production cost of $1.46 million. what journal entries should intel record on december 18 and january 23? assume intel uses the perpetual inventory system.

The Journal entries are as follows:

(i) On December 18,

Cash A/c                  Dr. $246,000

To unearned revenue                    $246,000

(To record the receipt of cash)

(ii) On January 23,

Cash  A/c (Bal)               Dr. $2,214,000

Unearned revenue A/c Dr. $246,000

To sales                                                 $2,460,000

(To record sales revenue)

(iii) On January 23,

Cost of goods sold A/c    Dr. $1,460,000

To Inventory                                               $1,460,000

(To record cost of goods sold)

c

explanation:

c because the item on a bank statement is also referred to as an account statement. in addition, it provides the beginning balance, ending balance, statement date, transaction date for each transaction, payee, customer name and address, statement period, the account holder's account number, and the bank's customer service number

answer; purpose nondisclosure;