Cullumber Company is involved in the design, manufacture, and installation of .....

Exercise 6-21 Cullumber Companyr is involved in the design, manufacture, and installation of various types of wood products for large construction projects. Cullumber recently completed a large contract for Stadium Inc., which consisted of building 35 different types of concession counters for a new soccer arena under construction. The terms of the contract are that, upon completion of the counters, Stadium would pay $1,700,000. Unfortunately, due to the depressed economy, the completion of the new soccer arena is now delayed. Stadium has therefore asked Cullumber to hold the counters for two months at its manufacturing plant until the arena is completed. Stadium acknowledges in writing that it ordered the counters and that it now has ownership. The time that Cullumber Company must hold the counters is totally dependent on when the arena is completed. Because Cullumber has not received additional progress payments for the arena due to the delay, Stadium has provided a deposit of $255,000. (C) Prepare the journal entry that Cullumber should make, assuming it signed a valid sales contract to sell the counters and received the $255,000 deposit at the time. (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.) Amount Trtlls and Explanation Debit Credit Exercise 621 Accounts Payable Accounts Receivable Advertising Expense Allowance for Doubtful Accounts Cash Commission Expense Commission Revenue Construction Expenses Contract Assethiability Cost of Goods Sold Delivery Expense Estimated Inventory Returns Interest Expense Interest Income Interest Payable Interest Receivable Inventory Inventory on Consignment Loss due to Damaged Inventory Miscellaneous Expense No Entry Notes Receivable Refund Liability Rent Revenue Returned Inventory Revenue from Consignment Sales Revenue from LongTenn Contracts Sales Discounts Forfeited Sales Returns and Allowances Sales Revenue Service Revenue Service RevenueCommissions Unearned Revenue Unearned Warranty Revenue Utilities Expense Warranty Expense Warranty Liability Warranty Revenue