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AveGali [126]
3 years ago
9

Sarasota Company sells on credits goods that cost $310,000 to Ricard Company for $409,500 on January 2, 2020. The sales price in

cludes an installation fee, which has a standalone selling price of $42,500. The standalone selling price of the goods is $367,000. The installation is considered a separate performance obligation and is expected to take 6 months to complete. (a) Prepare the journal entries (if any) to record the sale on January 2, 2020
Business
1 answer:
swat323 years ago
7 0

Answer and Explanation:

The journal entries are shown below:

Account Receivable $409,500

           To Sales Revenue $367,000

           To Unearned Service Revenue $42,500

(Being account receivable is recorded)

Cost of Goods Sold $310,000

           To Merchandised Inventory $310,000

(Being cost of goods sold is recorded)  

These two journal entries are to be recorded

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