3 transactions Journal entry

On March 1, 2016, Gold Examiner receives $147,000 from a local bank and promises to deliver 100 units of certified 1-oz. gold bars on a future date. The contract states that ownership passes to the bank when Gold Examiner delivers the products to Brinks, 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 $1,440 per unit, and Gold Examiner estimates the stand-alone price of the replacement insurance service to be $60 per unit. Brinks picked up the gold bars from Gold Examiner on March 30, and delivery to the bank occurred on April 1.

Transactions for journal entries:

1)Record the receipt of cash by Gold Examiner.

2) Record any necessary entry when Brink's has picked up the gold bars from Gold Examiner.

3) Record any necessary entry upon delivery of the gold bars to the bank.

These are the accounts that you may use:

No journal entry required, Accounts receivable, Advertising expense, Billings on construction contract,Bonus receivable, Cash, construction in progress, cost of construction, COGS, deferred gross profit, Dererred Revenue- (coupon/discount option/extended warranty/goldbars/insurance/keyboards/loyalty points/membership fees/subscription) , gain on sale of land, installment receivables, inventory, land, loss on long-term contract, Loss on repossession, note receivable, realized gross profit, repossessed inventory, Revenue from long-term contracts, Sales revenue, service revenue.