Journalize the transactions of Home Theater assuming that the company uses the perpetual inventory system. Do not record the cost of goods sold entry. Omit explanations.
) Home Theater Company has the following transaction related to the sale of merchandise inventory.
June 1: Sold a home theater system (cost of $6,200) for $9,000 to a customer. The customer paid cash. The sales price included a two-year service contract valued at $840.
Dec. 31: Recorded the amount of service contract earned.
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