Question: On Oct 31 st 2020, Multitool Inc. receives a purchase order for the 45 tools, 6 months of service, and 30 pounds of grease. The

On Oct 31^st 2020, Multitool Inc. receives a purchase order for the 45 tools, 6 months of service, and 30 pounds of grease. The customer paid in cash. The tools were delivered on the same day, and the grease one week later. The service agreement began November 1st.

The customer was charged a total of $1000 for this order.

The retail prices for the items are as follows:

Tools $25 / piece

Service $20 /month

Grease $5 / lb.

Provide the transactional journal entries associated with this sale for Multitool Corp on the date of the transaction.

Provide the adjusting entries (on Dec 31st 2020) associated with this sale.

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