Question
In September 2017, Metlock Corp. commits to selling 144 of its iPhone-compatible docking stations to Better Buy Co. for $14,112 ($98 per product). The stations
In September 2017, Metlock Corp. commits to selling 144 of its iPhone-compatible docking stations to Better Buy Co. for $14,112 ($98 per product). The stations are delivered to Better Buy over the next 6 months. After 90 stations are delivered, the contract is modified and Metlock promises to deliver an additional 43 products for an additional $3,999 ($93 per station). All sales are cash on delivery. a. Prepare the journal entry for Metlock for the sale of the first 90 stations. The cost of each station is $59. (THIS IS ALREADY COMPLETED - THIS IS FOR INFO PURPOSES ONLY, DONT NEED AN ANSWER) b. Prepare the journal entry for the sale of 10 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 Metlock regularly sells the products separately. (THIS IS ALREADY COMPLETED - THIS IS FOR INFO PURPOSES ONLY, DONT NEED AN ANSWER) THIS IS THE ONLY ANSWER I NEED (IN RED)
Your answer s partally correct. Try again. Prepare the journal entry for the sale of 10 more stations (as in (b)), assuming that the pricing for the additional products does not reflect the standslone selling price of the sdditional products and the prospective method is used. (Credit account titles are automatically inde 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. Round ansiwers to 2 decimal places, e.g. 1,525,25.) Account Titles and Explanation Cash Debit Credit Sale Revenue To record sals) Cost of Good: Sold To record cost of goode sola) record coStep by Step Solution
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