On December 10, 2019, Kool-Air Solutions agreed to manufacture and supply 800 refrigerators used by Vandelay Industries.
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1. Prepare the entry by Kool-Air to record receipt of the deposit during 2019. How would the deposit be reported in the financial statements at the end of 2019?
2. Prepare the entry by Kool-Air to record the delivery of 175 units during 2020. How would the deposit be reported in the financial statements at the end of 2020?
3. Prepare the entry by Kool-Air to record the delivery of 325 units during 2021.
Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...
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