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In September 2 0 2 5 , Blossom Corp. commits to selling 1 5 0 of its iPhone - compatible docking stations to Sheridan Co
In September Blossom Corp. commits to selling of its iPhonecompatible docking stations to Sheridan Co for $
$ per product The stations are delivered to Sheridan over the next months. After stations are delivered, the contract is
modified and Blossom promises to deliver an additional products for an additional $ $ per station All sales are cash on
delivery.
a
Your answer is correct.
Prepare the journal entry for Blossom for the sale of the first stations. The cost of each station is $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 for the amounts. List all debit entries before credit entries.
Account Titles and Explanation
Debit
Credit
Cash
To record sales
Cost of Goods Sold
To record cost of goods sold
Your answer is correct.
Prepare the journal entry for the sale of more stations after the contract modification, assuming that the price for the
additional stations reflects the standalone selling price at the time of the contract modification. In addition, the additional stations
are distinct from the original products as Blossom regularly sells the products separately. 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 for the amounts. List all debit entries before credit entries.
To record sales
To record cost of goods sold
c
Your answer is partially correct.
Prepare the journal entry for the sale of more stations as in b assuming that the pricing for the additional products does not
reflect the standalone selling price of the additional products and the prospective method is used. 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 for the amounts. Round answers to decimal places, e List all debit entries
before credit entries.
To record sales
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