Question: Your answer is correct. Sunland offers contract GM 2 0 5 , which is comprised of a free - standing gas grill for small patio
Your answer is correct.
Sunland offers contract GM which is comprised of a freestanding gas grill for small patio use plus installation to a customer's gas line for a total price $ On a standalone basis, the grill sells for $cost $ and Sunland estimates that the standalone selling price of the installation service based on costplus estimation is $The selling of the grill and the installation services should be considered two performance obligations. Sunland signed GM contracts on April and customers paid the contract price in cash. The grills were delivered and installed on May Prepare journal entries for Sunland for GM in April and May 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 for the amounts. Round answers to decimal places, eg List all debit entries before credit entries. Record journal entries in the order presented in the problem. Do not round intermediate calculations.
Date
Account Titles and Explanation
Debit
Credit
Cash
Unearned Sales Revenue
Unearned Service Revenue
Unearned Sales RevenueUnearned Service Revenue
Unearned Sales Revenue
To record sales
To record cost of goods sold
eTextbook and Media
List of Accounts
Attempts: of usedb
Your answer is correct.
The State of Kentucky is planning major renovations in its parks during and enters into a contract with Sunland to purchas durable, easy maintenance, standard charcoal grills during The grills are priced at $ each with a cost of $ each and Sunland provides a volume discount if Kentucky purchases at least grills during On April Sunland delivered and received payment for grills. Based on prior experience with the State of Kentucky renovation projects, the delivery of this many grills makes it certain that Kentucky will meet the discount threshold. Prepare the journal entries for Sunland for grills sold on April Assume the company records sales transaction net. 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 for the amounts. List all debit entries before credit entries.
tableDateAccount Titles and Explanation,Debit,Credit,April Cash,Sales Revenue,,To record salesApril Cost of Goods Sold,,,To record cost of goods soldC
Sunland sells its specialty combination gaswoodfired grills to local restaurants. Each grill is sold for $cost $ on credit with terms net Prepare the journal entries for the sale of grills on September and upon payment, assuming the customer paid on September and October Assume the company records sales net. 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 for the amounts. List all debit entries before credit entries. Record journal entries in the order presented in the problem.
Account Titles and Explanation
Debit
Credit
Sales Revenue
To record sales
Cost of Goods Sold
To record cost of goods sold
Accounts Receivable
To record sales
To record cost of goods sold
Sales Discounts Forfeited
eTextbook and Media
List of Accounts
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