On december 18, intel receives $246,000 from a customer toward a cash sale of $2.46

The Journal entries are as follows:

(i) On December 18,

Cash A/c                  Dr. $246,000

To unearned revenue                    $246,000

(To record the receipt of cash)

(ii) On January 23,

Cash  A/c (Bal)               Dr. $2,214,000

Unearned revenue A/c Dr. $246,000

To sales                                                 $2,460,000

(To record sales revenue)

(iii) On January 23,

Cost of goods sold A/c    Dr. $1,460,000

To Inventory                                               $1,460,000

(To record cost of goods sold)