Accounts Receivable Accounts Payable Advertising Expense Allowance for Sales Returns and Allowances Billings on Construction in Process Cash Cash, Parts, Labor Commission Expense Commission Revenue Construction in Process Construction Expenses Contract Asset Contract Liability Cost of Goods Sold Cost of Installment Sales Deferred Gross Profit Delivery Expense Discount on Notes Receivable Estimated Inventory Returns Finished Goods Inventory Franchise Revenue Freight- Out Gain on Repossession Income Summary Installment Accounts Receivable Installment Sales Revenue Interest Expense Interest Revenue Inventory Inventory on Consignment Liability to Bonus Point Customers Liability to Enyart Company Liability to Werner Metal Company License Revenue Loss from Long-Term Contracts Loss on Repossession Materials, Cash, Payables No Entry Notes Receivable Operating Expenses Payable to Consignor Purchases Realized Gross Profit Repossessed Merchandise Retained Earnings Returned Inventory Revenue from Consignment Sales Revenue from Franchise Fees Revenue from Long-Term Contracts Sales Discounts Sales Discounts Forfeited Sales Returns and Allowances Sales Revenue Service Revenue Unearned Franchise Revenue Unearned Sales Revenue Unearned Service Revenue Unearned Warranty Revenue Warranty Expense Warranty Liability

Problem 18-4 (Part Level Submission) Pharoah Appliance Co. manufactures low-price, nofrills appliances that are in great demand for rental units. Pricing and cost information on Pharoah's main products are as follows. Standalone Selling Price (Cost) Item Refrigerator Range Stackable washer/dryer unit $510($270) 570 (280) (400) 710 Customers can contract to purchase either individually at the stated prices or a three-item bundle with a price of $1,830. The bundle price includes delivery and installation. Pharoah also provides installation (not a separate performance obligation). Respond to the requirements related to the following independent revenue arrangements for Pharoah Appliance Co. ? (a) On June 1, 2017, Pharoah sold 90 washer/dryer units without installation to Laplante Rentals for $63,900. Laplante is a newer customer and is unsure how this product will work in its older rental units. Pharoah offers a 60-day return privilege and estimates, based on prior experience with sales on this product, 496 of the units will be returned. Prepare the journal entries for the sale and related cost of goods sold on June 1, 2017. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit To record sales)