Homework Answers
(a) September 1 - When equipment is delivered - 1000000 revenue will be recognized whereas there will be provision for installation and training worth 100000 as these are yet to be performed.
November 1 - Installation done so only 40000 provision will be left.
After 1 year - Training complete so this provision also be nil.
(B) Journal entries -
September 1 = John Company dr 1000000
Sales of equipment 1000000
provision for Installation dr 60000
provision for training dr 40000
to provision for expenses 100000
november 1 Installation exp dr 60000
provision for installation 60000
bank dr 1000000
John Company 1000000
nov 1 ( after 1 year ) Training exp dr 40000
provision for exp 40000
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from simple automated machinery to complex systems containing
numerous components. Unit selling prices range from $200,000 to
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installation process does not involve changes to the features of
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