Journal Entries:
c) | |||
Date | Account Titles and Explanation | Debit | Credit |
Jun. 20, 2017 | Accounts Receivable | $44,300 | |
Installation Payable (3 units * $1,100 per unit) | $3,300 | ||
Maintenance Payable | $1,200 | ||
Sales Revenue ($44,300*20/100) | $8,860 | ||
Unearned Revenue ($44,300 - $3,300 - $1,200 - $8,860) | $30,940 | ||
(To record the contract) | |||
Jun. 20, 2017 | Cash | $8,860 | |
Accounts Receivable | $8,860 | ||
(To record the collection of down payment) | |||
Oct. 1, 2017 | Unearned Revenue | $30,940 | |
Cash ($44,300 - $8,860) | $35,440 | ||
Sales Revenue | $30,940 | ||
Accounts Receivable | $35,440 | ||
(To record the sales) | |||
Oct. 1, 2017 | Cost of Goods Sold ($44,300 - $3,300 - $1,200) | $39,800 | |
Inventory | $39,800 | ||
(To record the cost of goods sold) | |||
Oct. 1, 2017 | Installation Payable | $3,300 | |
Installation | $3,300 | ||
(To record the installation expenses) |
Cullumber Ranch & Riverbed is a distributor of ranch and farm equipment. Its products range from...
Carla Ranch & Farm is a distributor of ranch and farm equipment. Its products range from small tools, power equipment for trench-digging and fencing, grain dryers, and barn winches. Most products are sold direct via its company catalog and Internet site. However, given some of its specialty products, select farm implement stores carry Carla's products. Pricing and cost information on three of Carla's most popular products are as follows. Item Mini-trencher Power fence hole auger Grain/hay dryer Standalone Selling Price...
Crane Ranch & Farm is a distributor of ranch and farm equipment. Its products range from small tools, power equipment for trench-digging and fencing, grain dryers, and bam winches. Most products are sold direct via its company catalog and Internet site. However, given some of its specialty products, select farm implement stores carry Crane's products. Pricing and cost information on three of Crane's most popular products are as follows. Standalone Selling Price (Cost) ($2,000 ) (900 ) (11,000 ) Item...
Crane Ranch & Cheyenne is a distributor of ranch and farm
equipment. Its products range from small tools, power equipment for
trench-digging and fencing, grain dryers, and barn winches. Most
products are sold direct via its company catalog and Internet site.
However, given some of its specialty products, select farm
implement stores carry Crane’s products. Pricing and cost
information on three of Crane’s most popular products are as
follows.
Item
Standalone
Selling Price (Cost)
Mini-trencher
$ 3,700
($2,100
)
Power...
Sage Ranch & Farm is a distributor of ranch and farm equipment. Its products range from small tools, power equipment for trench-digging and fencing, grain dryers, and barn winches. Most products are sold direct via its company catalog and Internet site. However, given some of its specialty products, select farm implement stores carry Sage’s products. Pricing and cost information on three of Sage’s most popular products are as follows.ItemStandaloneSelling Price (Cost)Mini-trencher$ 3,900($2,000)Power fence hole auger1,300(900)Grain/hay dryer12,900(11,000)Respond to the requirements related to the following independent...
Oriole Ranch & Waterway is a distributor of ranch and farm
equipment. Its products range from small tools, power equipment for
trench-digging and fencing, grain dryers, and barn winches. Most
products are sold direct via its company catalog and Internet site.
However, given some of its specialty products, select farm
implement stores carry Oriole’s products. Pricing and cost
information on three of Oriole’s most popular products are as
follows.
Item
Standalone
Selling Price (Cost)
Mini-trencher
$ 3,600
($2,000
)
Power...
Ayayai sells three grain/hay dryers to a local farmer at a total
contract price of $44,000. In addition to the dryers, Ayayai
provides installation, which has a standalone selling price of
$1,100 per unit installed. The contract payment also includes a
$1,200 maintenance plan for the dryers for 3 years after
installation. Ayayai signs the contract on June 20, 2017, and
receives a 20% down payment from the farmer. The dryers are
delivered and installed on October 1, 2017, and...
Problem 18-5 (Part Level Submission) Concord Ranch & Marigold is a distributor of ranch and farm equipment. Its products range from small tools, power equipment for trench-digging and fencing, grain dryers, and barn winches. Most products are sold direct via its company catalog and Internet site. However, given some of its specialty products, select farm implement stores carry Concord's products. Pricing and cost information on three of Concord's most popular products are as follows. Item Mini-trencher Power fence hole auger...
Problem 18-5 (Part Level Submission) Concord Ranch & Marigold is a distributor of ranch and farm equipment. Its products range from small tools, power equipment for trench-digging and fencing, grain dryers, and barn winches. Most products are sold direct via its company catalog and Internet site. However, given some of its specialty products, select farm implement stores carry Concord's products. Pricing and cost information on three of Concord's most popular products are as follows. Item Mini-trencher Power fence hole auger...
Problem 18-05 (Part Level Submission) Pronghorn Ranch & Farm is a distributor of ranch and farm equipment. Its products range from small tools, power equipment for trench-digging and fencing, grain dryers, and barn winches. Most products are sold direct via its company catalog and Internet site. However, given some of its specialty products, select farm implement stores carry Pronghorn's products. Pricing and cost information on three of Pronghorn's most popular products are as follows. Item Mini-trencher Power fence hole auger...
(c) Waterway sells three grain/hay dryers to a local farmer at a total contract price of $49,200. In addition to the dryers, Waterway provides installation, which has a standalone selling price of $900 per unit installed. The contract payment also includes a $1,200 maintenance plan for the dryers for 3 years after installation. Waterway signs the contract on June 20, 2020, and receives a 20% down payment from the farmer. The dryers are delivered and installed on October 1, 2020,...