Business, 05.03.2020 17:03 amylumey2005

Hospital Equipment Company (HEC) acquired several fMRI machines for its inventory at a cost of $3,700 per machine. HEC usually sells these machines to hospitals at a price of $6,160. HEC also separately sells 12 months of training and repair services for fMRI machines for $2,640. HEC is paid $6,160 cash on November 30 for the sale of an fMRI machine delivered on December 1. HEC sold the machine at its regular price, but included one year of free training and repair service. Prepare journal entries would HEC record on November 30 and December 1? (Assume HEC uses a perpetual inventory system for recording the cost of goods sold.)

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Hospital Equipment Company (HEC) acquired several fMRI machines for its inventory at a cost of $3,70...

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