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adelina 88 [10]
3 years ago
11

On March 1, 2018, Gold Examiner receives $165,000 from a local bank and promises to deliver 100 units of certified 1-oz. gold ba

rs on a future date. The contract states that ownership passes to the bank when Gold Examiner delivers the products to Brink’s, a third-party carrier. In addition, Gold Examiner has agreed to provide a replacement shipment at no additional cost if the product is lost in transit. The stand-alone price of a gold bar is $1,410 per unit, and Gold Examiner estimates the stand-alone price of the replacement insurance service to be $90 per unit. Brink’s picked up the gold bars from Gold Examiner on March 30, and delivery to the bank occurred on April 1. Required: 1. How many performance obligations are in this contract? 2. Prepare the journal entry Gold Examiner would record on March 1, March 30 and April 1.
Business
1 answer:
photoshop1234 [79]3 years ago
7 0

Answer:

<u><em>there are two performance: </em></u>

the sales revenue and the insurance.

cash     165,000 debit

    unearned revenues   165,000 credit

--to record collectiong from local bank

unearned revenues  165,000 debit

    sales revenues                    151,000 credit

    insurance liability                  9,900  credit

--to record gold delivered to Brink's--

insurance liability   9,900 debit

      insurance fees earned       9,900 credit

--to record reception of bank from Brink/end of the insurance--

Explanation:

sales revenue

100 x 1,410 = 141,000 = 94%

insurance:

100 x 90 =       9,000 =   6%

   total         150,000

combo: 165,000

sales revenue:             165,000 x 94% = 155,100

insurance fee earned: 165,000 x 6% =      9,900

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