In September 2017, Marin Corp. commits to selling 137 of its iPhone-compatible docking stations to Better...
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In September 2017, Marin Corp. commits to selling 137 of its iPhone-compatible docking stations to Better Buy Co. for $14,111 ($103 per product). The stations are delivered to Better Buy over the next 6 months. After 94 stations are delivered, the contract is modified and Marin promises to deliver an additional 41 products for an additional $4.018 ($98 per station). All sales are cash on delivery. Prepare the journal entry for Marin for the sale of the first 94 stations. The cost of each station is $56. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts.) Account Titles and Explanation (To record sales) (To record cost of goods sold) eTextbook and Media List of Accounts Account Titles and Explanation Prepare the journal entry for the sale of 10 more stations after the contract modification, assuming that the price for the additional stations reflects the standalone selling price at the time of the contract modification. In addition, the additional stations are distinct from the original products as Marin regularly sells the products separately. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts.) (To record sales) (To record cost of goods sold) e Textbook and Media Debit List of Accounts Credit Debit Credit Prepare the journal entry for the sale of 10 more stations (as in (b)), assuming that the pricing for the additional products does not reflect the standalone selling price of the additional products and the prospective method is used. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts. Round answers to 2 decimal places, e.g. 1,525.25.) Account Titles and Explanation (To record sales) (To record cost of goods sold) eTextbook and Media List of Accounts Debit Credit In September 2017, Marin Corp. commits to selling 137 of its iPhone-compatible docking stations to Better Buy Co. for $14,111 ($103 per product). The stations are delivered to Better Buy over the next 6 months. After 94 stations are delivered, the contract is modified and Marin promises to deliver an additional 41 products for an additional $4.018 ($98 per station). All sales are cash on delivery. Prepare the journal entry for Marin for the sale of the first 94 stations. The cost of each station is $56. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts.) Account Titles and Explanation (To record sales) (To record cost of goods sold) eTextbook and Media List of Accounts Account Titles and Explanation Prepare the journal entry for the sale of 10 more stations after the contract modification, assuming that the price for the additional stations reflects the standalone selling price at the time of the contract modification. In addition, the additional stations are distinct from the original products as Marin regularly sells the products separately. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts.) (To record sales) (To record cost of goods sold) e Textbook and Media Debit List of Accounts Credit Debit Credit Prepare the journal entry for the sale of 10 more stations (as in (b)), assuming that the pricing for the additional products does not reflect the standalone selling price of the additional products and the prospective method is used. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts. Round answers to 2 decimal places, e.g. 1,525.25.) Account Titles and Explanation (To record sales) (To record cost of goods sold) eTextbook and Media List of Accounts Debit Credit
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Auswert Date a Journal entries b Particulars Cash Ac 90x983 To sales Revenu... View the full answer
Related Book For
Intermediate Accounting 2014 FASB Update
ISBN: 978-1118147290
15th edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
Posted Date:
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