Meyer & Smith is a full-service technology company. They provide equipment, installation services as well as...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Meyer & Smith is a full-service technology company. They provide equipment, installation services as well as training. Customers can purchase any product or service separately or as a bundled package. Container Corporation purchased computer equipment, installation and training for a total cost of €144,000 on March 15, 2018. Estimated standalone fair values of the equipment, installation and training are €90,000, €60,000 and €30,000 respectively. The journal entry to record the transaction on March 15, 2018 will include a credit to Sales Revenue for €144,000. debit to Unearned Service Revenue of €30,000. O credit to Unearned Service Revenue of €24,000. credit to Service Revenue of €60,000. Meyer & Smith is a full-service technology company. They provide equipment, installation services as well as training. Customers can purchase any product or service separately or as a bundled package. Container Corporation purchased computer equipment, installation and training for a total cost of €144,000 on March 15, 2018. Estimated standalone fair values of the equipment, installation and training are €90,000, €60,000 and €30,000 respectively. The journal entry to record the transaction on March 15, 2018 will include a credit to Sales Revenue for €144,000. debit to Unearned Service Revenue of €30,000. O credit to Unearned Service Revenue of €24,000. credit to Service Revenue of €60,000.
Expert Answer:
Answer rating: 100% (QA)
Correct Answer a credit to Sales Revenue for 144000 Rea... View the full answer
Related Book For
College Accounting Chapters 1-30
ISBN: 978-0077862398
14th edition
Authors: John Price, M. David Haddock, Michael Farina
Posted Date:
Students also viewed these accounting questions
-
OBX Mufflers accepted a five-month, 7.5% interest, $2,400 note from ABD Motors on June 1, 2008. The entire balance is payable at the notes maturity. What will be the total payment on October 31, 2008?
-
Supply Club, Inc., sells a variety of paper products, office supplies, and other products used by businesses and individual consumers. During July 2021 it started a loyalty program through which...
-
1. A vertical circular stack 30meters high converges uniformly from a diameter of 6.0m at the bottom to 4.5m at the top. Coal gas with a unit weight of 4.75N/m3 enters at the bottom of the stack with...
-
Consider a country that imports steel and exports automobiles. The value per unit of cars exported is measured in units of thousands of dollars per car by the random variable X. The value per unit of...
-
Suppose N1is a discrete random variable equally likely to take on any integer in the set {1, 2, 3}. Given that, N1 = n1, the random variable N2 is equally likely to take on any integer in the set {1,...
-
Finney Displays designs and manufactures displays used in mobile devices. Serious flooding throughout the region affected Finney Displays facilities. Inventory was completely ruined, and the companys...
-
Fran Stein started an environmental consulting company and during the first month of operations (February 2012) the business completed the following transactions: a. Stein began the business with an...
-
Consider two countries (Home and Foreign) that produce goods 1 (with labor and capital) and 2 (with labor and land) according to the production functions described in problems 2 and 3. Initially,...
-
Instructions: Watch the video titled "Human Head Transplant" (Links to an external site.)Links to an external site. and write a short 3 paragraph analysis of the video. The analysis should identify...
-
It's now week 6 into the growing sunflowers project. Your team has successfully started the project, the children are enjoying watching the seeds sprout and come to life and are very enthusiastic...
-
Marshall retires from the partnership of Marshall, Mark, and Dennis. Marshall had a capital balance of $25,000. If Marshall received $25,000 as final settlement, how will this transaction affect the...
-
How can pricing be a driver of growth in digital platforms and marketplaces?
-
What pricing tools can be used to improve how to price digital solutions, and link that pricing to the value story?
-
Are the pricing and monetization of platforms and marketplaces the same concepts?
-
What processes can help ensure that product teams adopt best-in-class value-based pricing and offer design for their digital solutions?
-
How do you get customer insights to develop packaging models?
-
A couple has just purchased a home for $447,500.00. They will pay 20% down in cash, and finance the remaining balance. The mortgage broker has gotten them a mortgage rate of 5.52% APR with monthly...
-
In Exercises 1-2, rewrite each verbal statement as an equation. Then decide whether the statement is true or false. Justify your answer. 1. The logarithm of the difference of two numbers is equal to...
-
Dallas Corporation has a practice of discounting the notes receivable to the bank to increase its cash flow. Since the maker of the notes receivable has always paid the bank, Dallas Corporation does...
-
The income statement of Applebrook, Inc., showed net income of $70,000 for 2016. The firm's beginning inventory was $49,000, and its ending inventory was $54,000. Accounts payable were $44,000 on...
-
Montana Leather Products sells leather clothing at both wholesale and retail. The company has found that there is a higher rate of uncollectible accounts from retail credit sales than from wholesale...
-
The two rectangular smooth flat plates are to have the same drag in the same fluid stream. Calculate the required value of \(x\). If the two plates are combined into the \(\mathrm{T}\)-shape...
-
A uniform flow of standard air at \(60 \mathrm{~m} / \mathrm{s}\) enters a plane-wall diffuser with negligible boundary-layer thickness. The inlet width is \(75 \mathrm{~mm}\). The diffuser walls...
-
For flow over a flat plate with zero pressure gradient, will the shear stress increase, decrease, or remain constant along the plate? Justify your answer. Does the momentum flux increase, decrease,...
Study smarter with the SolutionInn App