Instructions

This is the first journal entry

This is the second journal entry

This is the third and final journal entry

On January 1, 2020, Carly Fashions Inc: enters into a contract with a regional retail company to provide 500 blouses for \$20, 000 over the naxt 10 months. On September 1, 2020, alte. 400 of the blouses had been delivered (50 blouses per month), the contract is modified. Required: a. Fitty brouses were delivered each month for the first 8 months of zazo. Prepare Carly Fashions's monthly joumal entry to record revenue. For grading purposes use August 31 to date the entry that would be made each month. b. Assume that the contract is modified on September 1 to sell, once the oniginal 500 blouses are dellvered, an acditional 100 biouses at $35 per blouse, which is the stand-alane selling price on Oclober 1, 2020. The additional blouses are to be dellvered in Noveraber. Prepare the November journai entry to record the contract modilication. For grading purposes use November 30 to dale the entry. c. Assume instead that the contract is modified on September 1 to alter the price of the additional 100 blouses fo $35 per biouse, which is the stand-alone selling price an October 1, 2020. Assume the blouses aro delivered evony on September 1 and October 1, 2020. Prepare the joumel entries for Soptember and Oetober to record this contract modificatian for September 1 and Oetaber 1. a. Fifty blouses were dellvered each month for the first 8 months of 2020 . Prepare Carly Fashions's monthly journat entry to record revenue. For grading purposes use August 31 to date the entry that would bo made each month. b. Assume that the contract is modified on Septomber 1 to sell, once the original 500 blouses are dellvered, an additional 100 biouses at 535 per blouse, which is the stand-aicne seiling price on October 1,2020 . The additional blouses are to be dellvered in November. Prepare the November joumal entry to record the contract modification. For grading purposes use November 30 to date the entry. General Journal GENERAL JOURNAL