Answered step by step
Verified Expert Solution
Question
1 Approved Answer
i need the journal entries numbers Chart of Accounts Analysis General Journal Instructions On January 1, 2019, Loud Company enters into a 2 year contract
i need the journal entries numbers Chart of Accounts Analysis General Journal Instructions On January 1, 2019, Loud Company enters into a 2 year contract with a customer for an unlimited talk and 5GB data wireless plan for $65 per month. The contract includes a smartphone for which the customer pays $299. Loud Niso sells the smartphone and monthly service plan separately, charging $649 for the smartphone and 565 for the monthly service! for the unlimited talk and 5 GB data wireless plan. Required: 1. Calculate the transaction price for the smartphone and unlimited talk and Gs data wireless planassuming that Louds tes consideration based on standalone prices. 2. Record the ntwurwenty for Loud Company's sale of a 2 year contract on y, 2018 ad mon umenty or General Journal Shaded cels have feedback HES GENERAL JOURNAL Score: 54/75 MCCOUNT TITLE DEBIT 65.00 Feb. 1 Cash Sales Revenue Contract Receivable Sales Revenue 546 17 Contract Receivable 10.08/14
i need the journal entries numbers
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started