3 Cool Times Company sells freezer and refrigerator assemblies, providing equipment, accessories, and maintenance contract. Respond to the requirements related to the following independent revenue arrangements for Cool Times Inc. products and services. 1 Cool Times offers a stand-alone freezer and refrigerator package, plus installation and maintenance, for a total price of $1,000. On its own, the freezer sells for $450 (cost $245) and the refrigerator sells for $500 (cost $270). Cool Times estimates that price of the installation service on a standalone basis is $60. The cost of the two-year maintenance contract on its own is $120. Cool Times sold 10 of these packages on 5/1/23, receiving the contract price in cash. The units were delivered on 5/15/23 and installed on 6/1/23. Prepare all of the journal entries for Cool Times for 2023. 9 0 1 12 13 14 15 16 2 3 On 8/1/23, Cool Times sold one of its freezer and refrigerator packages to a struggling local builder and accepted a 3-year, zero-interest-bearing note with a face amount of $1,200. The package was delivered and installed on 8/15/23. Prepare all of the journal entries required in 2023 with respect to this contract. Cool Times sells certain specialty combination freezer/refrigerators to some contractors for $1,100 (cost $650) on credit with terms 2/30, net/90. Prepare the journal entries for the sale and delivery of 20 of these combination sets on 10/1/23, and upon payment, assuming the customer paid on (1) 10/25/23, and (2) 12/19/23. Cool Times records sales net.

Respond to the requirements related to the following independent revenve arrangements for Cool Times inc, products and services. 1 Cool Times offers a stand-alone freezer and refrigerator package, plus instaliation and maintenance, for a total price of $1,000. On its own, the freezer sells for $450 (cost $245 ) and the refrigerator selis for $500(cost$270). Cool Times estimates that price of the installation service on a standalone basis is $60. The cost of the two-year maintenance contrac on its own is $120. Cool Times sold 10 of these packages on 5/1/23, receiving the contract price in cash. The units were delivered on 5/15/23 and installed on 6/1/23. Prepare all of the journal entries for Cool Times for 2023. 2 On 8/1/23, Cool Times sold one of its freeser and refrigerator packages to a strugcling local builder and accepted a 3 year, rero-interest-bearing note with a foce amount of 51,200 . The package was delivered and installed on 8/15/23. Prepare all of the journal entries required in 2023 with respect to this contract. 3 Cool Times sells certain specialty combination terecer/refrigerators to some contractors for $1,100 (cost $650 ) on credit with terms 2/30, net/90. Prepare the journal entries for the sale and delivery of 20 of these combination sets an 10/1/23, and upon payment, assuming the customer paid on (1) 10/25/23, and (2) 12/19/23. Cool Times records wies net