Homework Answers
| a) | ||
| Number of performance obligations in the contract: | 2 | |
| (1) First Performance Obligation is the delivery of computer workstations. | ||
| (2) The other performace obligation is the discount coupon for additional future purchases, it provides a material right to the customer that the customer would not receive otherwise and it could be sold or provided and identifiable separately, and it is not highly interrelated with the other performance obligation of delivering computer workstations. | ||
| b) | ||
| Accout Titles and Explanation | Debit | Credit |
| Cash | $ 360,000.00 | |
| Sales revenue (to balance) | $ 354,960.00 | |
| Deferred revenue (discount option) | $ 5,040.00 | |
| 120 units × $350 average purchase price × 40% discount × 30% |
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