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In September 2 0 2 5 , Sheridan Corp. commits to selling 1 4 0 of its iPhone - compatible docking stations to Splish Co
In September Sheridan Corp. commits to selling of its iPhonecompatible docking stations to Splish Co for $$ per product The stations are delivered to Splish over the next months. After stations are delivered, the contract is modified and Sheridan 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 Sheridan 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 Sales Revenue To record sales 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 Sheridan 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. Account Titles and Explanation Debit Credit Cash Sales Revenue To record sales Cost of Goods Sold To record cost of goods soldYour 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, eg List all debit entries before credit entries. Account Titles and Explanation To record sales Cost of Goods Sold Inventory To record cost of goods sold eTextbook and Media
In September Sheridan Corp. commits to selling of its iPhonecompatible docking stations to Splish Co for $$
per product The stations are delivered to Splish over the next months. After stations are delivered, the contract is modified and
Sheridan 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 Sheridan 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
Sales Revenue
To record sales 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 Sheridan 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.
Account Titles and Explanation
Debit
Credit
Cash
Sales Revenue
To record sales
Cost of Goods Sold
To record cost of goods soldYour 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, eg List all debit entries before credit entries.
Account Titles and Explanation
To record sales
Cost of Goods Sold
Inventory
To record cost of goods sold
eTextbook and Media
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