Seashore Property Managers operates student apartment buildings. On June 1, 2025, Sunland signs a contract with...
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Seashore Property Managers operates student apartment buildings. On June 1, 2025, Sunland signs a contract with Seashore for 560 appliance bundles to be delivered and installed in one of its new buildings. Seashore pays 25% cash at contract signing and will pay the balance upon installation no later than August 1, 2025. Prepare journal entries for Sunland on (1) June 1, 2025, and (2) August 1, 2025, when all appliances are installed. (List all debit entries before credit entries. 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 0 for the amounts.) Date Account Titles and Explanation Jun. 1, 2025 Cash Unearned Sales Revenue Aug. 1, 2025 Cash Sales Revenue Aug. 1, 2025 Inventory (To record sales) Cost of Goods Sold Inventory (To record cost of goods sold) eTextbook and Media Solution Debit 142100 426300 Credit Assistance Used 568 403 Seashore Property Managers operates student apartment buildings. On June 1, 2025, Sunland signs a contract with Seashore for 560 appliance bundles to be delivered and installed in one of its new buildings. Seashore pays 25% cash at contract signing and will pay the balance upon installation no later than August 1, 2025. Prepare journal entries for Sunland on (1) June 1, 2025, and (2) August 1, 2025, when all appliances are installed. (List all debit entries before credit entries. 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 0 for the amounts.) Date Account Titles and Explanation Jun. 1, 2025 Cash Unearned Sales Revenue Aug. 1, 2025 Cash Sales Revenue Aug. 1, 2025 Inventory (To record sales) Cost of Goods Sold Inventory (To record cost of goods sold) eTextbook and Media Solution Debit 142100 426300 Credit Assistance Used 568 403
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Related Book For
Intermediate Accounting
ISBN: 978-1119503668
17th edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfiel
Posted Date:
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