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 ConnecTech’s purchase of the computers.
b. Determine the balance in ConnecTech’s ending inventory on December 31, 20X2.
c. Prepare the journal entry(ies) to record the sale of the computers.
d. Determine the balance in ConnecTech’s ending inventory on January 31, 20X3.
2. Montez Muffins and More is a bakery located in New York. Montez purchases a great deal of flour in bulk from a wholesaler. The wholesaler offers purchase discounts for fast payment. Montez purchased 600 pounds of flour for $100 on May 1, under terms 2/10 n/30. Determine the amount Montez should pay under the following scenarios:
a. Montez pays the full balance on May 25.
b. Montez pays the full balance on May 10.
c. Montez pays half the balance on May 10 and half on May 25.
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