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T15A-7 (similar to) Question Help 12A. Hampton Computers has the following transactions related to the...

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T15A-7 (similar to) Question Help 12A. Hampton Computers has the following transactions related to the sale of merchandise inventory. (Click the icon to view the transactions.) Journalize the transactions for Hampton Computers assuming that the company uses the perpetual inventory system. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Mar. 1: Sold a computer (cost of $7,200) for $18,000 to a customer. The customer paid cash. The sales price included a one-year service contract valued at $240. Begin by preparing the entry to joumalize the sale portion of the transaction. Do not record the expense related to the sale. We will do that in the following step. Date Accounts and Explanation Debit Credit Mar. 1 at in More Info Mar. 1 Sold a computer (cost of $7,200) for $18,000 to a customer. The customer paid cash. The sales price included a one-year service contract valued at $240. Dec. 31 Recorded the amount of service contract earned. Print Done

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