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Oliga [24]
2 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]2 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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Answer:

d. It would increase liabilities by $600

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Further, if these are purchased on credit then the balance of liabilities increases as the increase in liabilities and increase in assets keep the balance sheet equation matching.

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A manager experiences a cashier shortage that averages $50. 00 per day. if the manager's operation is open 360 days per year, 1800 will be this manager's annual revenue loss due to cashier shortages

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Suppose there are four types of means: mean, mode, median, and range. In fact, the range is a measure of spread or spread, while others are the most common "measure of central tendency".

Noun. Mean, Mean, Median, Standard means something that represents the midpoint. The average is the quotient obtained by dividing the sum of a set of numbers by the number of numbers. scored an average of 85 points on the test. The mean is the simple mean or the middle value between the two extremes.

In colloquial language, the average is a single number representing a list of numbers, usually the sum of the numbers divided by the number of numbers in the list. For example, the average of the numbers 2, 3, 4, 7, and 9 is 5.

Suppose there are four types of means: mean, mode, median, and range. In fact, the range is a measure of spread or spread, while others are the most common "measure of central tendency".

Noun. Mean, Mean, Median, Standard means something that represents the midpoint. The average is the quotient obtained by dividing the sum of a set of numbers by the number of numbers. scored an average of 85 points on the test. The mean is the simple mean or the middle value between the two extremes.

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Yurman Co. sells major household appliance service contracts for cash. The service contracts are for a one-year, two-year, or th
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Answer:

b. $660,000.

Explanation:

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When asking questions during criticism, it is best to be _______. A. Understated b. Defensive c. Open minded d. Annoyed.
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Explanation:

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