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Sarjit Systems sold software to a customer for $153,000. As part of the contract, Sarjit promises to provide "free" technical support over the next six months. Sarjit sells the same software without technical support for $133,000 and a stand-alone six-month technical support contract for $57,000, so these products would sell for $190,000 if sold separately. Prepare Sarjit's journal entry to record the sale of the software. (If no entry is required for a transaction/event, select "No journal entry required" in...
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On July 1, 2016 ABC sold software to a customer for $108201 As part of the contract, ABC promises to provide free technical support over the next 6 months ABC sells the same software without technical support for $136749.83 and stand-alone 6- month technical support contract for $37453.78 Prepare journal entries for ABC Use the account titles on the spreadsheet account_titles.xlsx a. the number of performance obligations in the contract is b. the journal entry on July 1, 2016 will...
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• On July 1, 2016 ABC sold software to a customer for $123964 • As part of the contract, ABC promises to provide free technical support over the next 6 months • ABC sells the same software without technical support for $143257.14 and stand-alone 6- month technical support contract for $42069.04 • Prepare journal entries for ABC • Use the account titles on the spreadsheet account_titles.xlsx a. the number of performance obligations in the contract is 2 b. the journal...
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On March 1, 2021, Gold Examiner recelves $165,000 from a local bank and promises to deliver 100 units of certified 1-oz. gold bars on a future date. The contract states that ownership passes to the bank when Gold Examiner delivers the products to Brink's, a third-party Carrier. In addition, Gold Examiner has agreed to provide a replacement shipment at no additional cost if the product is lost in transit The stand-alone price of a gold bar is $1,410 per unit,...
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On March 1, 2021, Gold Examiner receives $154,000 from a local bank and promises to deliver 95 units of certified 1-oz. gold bars on a future date. The contract states that ownership passes to the bank when Gold Examiner delivers the products to Brink's, a third-party carrier. In addition, Gold Examiner has agreed to provide a replacement shipment at no additional cost if the product is lost in transit. The stand-alone price of a gold bar is $1,520 per unit,...
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On June 30, 2016, the Esquire Company sold some merchandise to a customer for $30,000 and agreed to accept as payment a noninterest-bearing note with an 8% discount rate requiring the payment of $30,000 on March 31, 2017. The 8% rate is appropriate in this situation. Required: 1. Prepare journal entries to record the sale of merchandise (omit any entry that might be required for the cost of the goods sold), the December 31, 2016 Interest accrual, and the March...
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Velocity, a consulting firm, enters into a contract to help
Burger Boy, a fast-food restaurant, design a marketing strategy to
compete with Burger King. The contract spans eight months. Burger
Boy promises to pay $63,000 at the end of each month. At the end of
the contract, Velocity either will give Burger Boy a refund of
$21,000 or will be entitled to an additional $21,000 bonus,
depending on whether sales at Burger Boy at year-end have increased
to a target...
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please show work if possible
On March 1, 2021, Gold Examiner receives $166,000 from a local bank and promises to deliver 100 units of certified 1-oz. gold bars on a future date. The contract states that ownership passes to the bank when Gold Examiner delivers the products to Brink's, a third-party carrier. In addition, Gold Examiner has agreed to provide a replacement shipment at no additional cost if the product is lost in transit. The stand-alone price of a gold...
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On April 1, Moloney Meat Distributors sold merchandise on account to Fronke's Franks for $1.200 on Invoice 1001, terms 2/10, n/30. Payment was received in full from Fronke's Franks, less discount, on April 10. Required: Record the transactions on April 1 and April 10 View transaction list Journal entry worksheet Record the sale on April 1. Note: Enter debits before credits. General Journal Debit Credit Date April 01 1 IN Journal entry worksheet Record the sale on April 1. Note:...
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On June 30, 2021, the Esquire Company sold merchandise to a customer and accepted a noninterest-bearing note in exchange. The note requires payment of $49,000 on March 31, 2022. The fair value of the merchandise exchanged is $46,060. Esquire views the financing component of this contract as significant. Required: 1. Prepare journal entries to record the sale of merchandise (omit any entry that might be required for the cost of the goods sold), any December 31, 2021 interest accrual, and...
Sarjit Systems sold software to a customer for $153,000. As part of the contract, Sarjit promises to provide "free" technical support over the next six months. Sarjit sells the same software without technical support for $133,000 and a stand-alone six-month technical support contract for $57,000, so these products would sell for $190,000 if sold separately. Prepare Sarjit's journal entry to record the sale of the software. (If no entry is required for a transaction/event, select "No journal entry required" in...
On July 1, 2016 ABC sold software to a customer for $108201 As part of the contract, ABC promises to provide free technical support over the next 6 months ABC sells the same software without technical support for $136749.83 and stand-alone 6- month technical support contract for $37453.78 Prepare journal entries for ABC Use the account titles on the spreadsheet account_titles.xlsx a. the number of performance obligations in the contract is b. the journal entry on July 1, 2016 will...
• On July 1, 2016 ABC sold software to a customer for $123964 • As part of the contract, ABC promises to provide free technical support over the next 6 months • ABC sells the same software without technical support for $143257.14 and stand-alone 6- month technical support contract for $42069.04 • Prepare journal entries for ABC • Use the account titles on the spreadsheet account_titles.xlsx a. the number of performance obligations in the contract is 2 b. the journal...
On March 1, 2021, Gold Examiner recelves $165,000 from a local bank and promises to deliver 100 units of certified 1-oz. gold bars on a future date. The contract states that ownership passes to the bank when Gold Examiner delivers the products to Brink's, a third-party Carrier. In addition, Gold Examiner has agreed to provide a replacement shipment at no additional cost if the product is lost in transit The stand-alone price of a gold bar is $1,410 per unit,...
On March 1, 2021, Gold Examiner receives $154,000 from a local bank and promises to deliver 95 units of certified 1-oz. gold bars on a future date. The contract states that ownership passes to the bank when Gold Examiner delivers the products to Brink's, a third-party carrier. In addition, Gold Examiner has agreed to provide a replacement shipment at no additional cost if the product is lost in transit. The stand-alone price of a gold bar is $1,520 per unit,...
On June 30, 2016, the Esquire Company sold some merchandise to a customer for $30,000 and agreed to accept as payment a noninterest-bearing note with an 8% discount rate requiring the payment of $30,000 on March 31, 2017. The 8% rate is appropriate in this situation. Required: 1. Prepare journal entries to record the sale of merchandise (omit any entry that might be required for the cost of the goods sold), the December 31, 2016 Interest accrual, and the March...
Velocity, a consulting firm, enters into a contract to help
Burger Boy, a fast-food restaurant, design a marketing strategy to
compete with Burger King. The contract spans eight months. Burger
Boy promises to pay $63,000 at the end of each month. At the end of
the contract, Velocity either will give Burger Boy a refund of
$21,000 or will be entitled to an additional $21,000 bonus,
depending on whether sales at Burger Boy at year-end have increased
to a target...
please show work if possible
On March 1, 2021, Gold Examiner receives $166,000 from a local bank and promises to deliver 100 units of certified 1-oz. gold bars on a future date. The contract states that ownership passes to the bank when Gold Examiner delivers the products to Brink's, a third-party carrier. In addition, Gold Examiner has agreed to provide a replacement shipment at no additional cost if the product is lost in transit. The stand-alone price of a gold...
On April 1, Moloney Meat Distributors sold merchandise on account to Fronke's Franks for $1.200 on Invoice 1001, terms 2/10, n/30. Payment was received in full from Fronke's Franks, less discount, on April 10. Required: Record the transactions on April 1 and April 10 View transaction list Journal entry worksheet Record the sale on April 1. Note: Enter debits before credits. General Journal Debit Credit Date April 01 1 IN Journal entry worksheet Record the sale on April 1. Note:...
On June 30, 2021, the Esquire Company sold merchandise to a customer and accepted a noninterest-bearing note in exchange. The note requires payment of $49,000 on March 31, 2022. The fair value of the merchandise exchanged is $46,060. Esquire views the financing component of this contract as significant. Required: 1. Prepare journal entries to record the sale of merchandise (omit any entry that might be required for the cost of the goods sold), any December 31, 2021 interest accrual, and...