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Oliga [24]
3 years ago
11

On January 1, 2017, Waterway Co. enters into a contract to sell a customer a wiring base and shelving unit that sits on the base

in exchange for $3,300. The contract requires delivery of the base first but states that payment for the base will not be made until the shelving unit is delivered. Waterway identifies two performance obligations and allocates $1,320 of the transaction price to the wiring base and the remainder to the shelving unit. The cost of the wiring base is $670; the shelves have a cost of $300.
Required:
a. Prepare the journal entry on January 1, 2017, for Waterway
b. Prepare the journal entry on February 5, 2017, for Waterway when the wiring base is delivered to the customer.
c. Prepare the journal entry on February 25, 2017, for Waterway when the shelving unit is delivered to the customer and Waterway receives full payment.
Business
1 answer:
nikklg [1K]3 years ago
5 0

Answer and Explanation:

The journal entries are as follows;

a. On Jan 1

No journal entry is required

b. On Feb 5

Contra asset Dr $1,320

        To Sales revenue $1,320

(being sales revenue is recorded)

Cost of goods sold Dr $670

            To Inventory $670

(being cost of goods sold is recorded)

c. On Feb 25

Cash $3,300

Contra asset Dr $1,320

        To Sales revenue $1,980

(being sales revenue is recorded)

Cost of goods sold Dr $300

            To Inventory $300

(being cost of goods sold is recorded)

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internal and external source

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GrogVix [38]

In the IS-LM model when government spending rises, in the short-run equilibrium, in the usual case the interest rate rises and output rises.

<h3>What Is the IS-LM Model?</h3>

The IS-LM version, which stands for "investment-savings" (IS) and "liquidity preference-cash supply" (LM) is a Keynesian macroeconomic version that suggests how the marketplace for monetary goods (IS) interacts with the loanable finances marketplace (LM) or cash marketplace.

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Your question is incomplete, but most probably your full question was:

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2 years ago
From a macroeconomic point of view, which is not an example of a source for funds when governments are borrowers?
Likurg_2 [28]

The correct option is (A) central bank prints more money.

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Disclaimer

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2 years ago
If the total cost of producing 4 units is $150 and the marginal cost of producing the fifth unit is $20, then the total cost of
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Answer:

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Total cost is the sum total of the cost of all the product and/or service.

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= $37.5

Total cost of producing 5 units =

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