Question
Grillems sells outdoor grilling products, providing gas and charcoal grills, accessories, and installation services for custom patio grilling stations. The company offers a contract that
Grillems sells outdoor grilling products, providing gas and charcoal grills, accessories, and installation services for custom patio grilling stations.
The company offers a contract that is comprised of a free-standing gas grill for small patio use plus installtion to a customer's gas line for a total price of $700.
On a standalone basis, the grill sells for $600 (cost $350), and management of the company estimates that the fair value of the installation service (based on cost-plus estimation) is $150.
The company signed the contract on May 30, 2014, and customers paid the contract price in cash on that date.
The grills were delivered and installed on Jun 15, 2014.
Prepare the company's entries on each of the following dates:
5/30/14
6/15/14
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