On December 18 , Intel receives $260,000 from a customer toward a cash sale of...
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Accounting
On December 18 , Intel receives $260,000 from a customer toward a cash sale of $2.6 million for computer chips to be completed on January 23 . The computer chips had a total production cost of $1.6 million. In addition to the Cash account, how will this receipt of cash be reflected in financial statements on December 31? Note: Enter your answers in dollars, not in millions (i.e. $5.5 million should be entered as $5,500,000). Answer is complete but not entirely correct
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