intermediate Accounting.

1 Question One On October 1st, Fireside Furnishings entered into a contract to provide a custom built fireplace & mantle for a customer named Richard Rich. Fireside Furnishings charged the customer $4,000 for the custom product and required that Mr. Rich make a 20% down payment at the time the contract was signed. After the contract was signed, Fireside spent $1,600 manufacturing the fireplace & mantle and the job was completed, shipped, and installed on October 30th. On November 10th, Richard Rich paid Fireside Furnishing in full for the product. Record the journal entries for the following events that occured over the 2 contract's life: 3 Part One Record the journal entry for the October 1st signing of the contract and the transfer of the 4 20% down payment to Fireside Furnishings. 5 6 7 8 9 Part Two Record the October 30th journal entry to recognize the revenues on the completion, 10 transportation, and instillation of the custom fireplace & mantle. 11 12 13 14 Record the October 30th journal entry to record the costs of goods sold on this sale and 15 remove the custom fireplace & mantle from finished goods inventory. 16 17 18 PiT (Down Payment) Revenue over Time Expected Value Stand Alone B D A Part One Record the journal entry for the October 1st signing of the contract and the transfer of the 20% down payment to Fireside Furnishings. 5 5 7 3 2 Part Two Record the October 30th journal entry to recognize the revenues on the completion, O transportation, and instillation of the custom fireplace & mantle. 11 12 13 14 Record the October 30th journal entry to record the costs of goods sold on this sale and 15 remove the custom fireplace & mantle from finished goods inventory. 16 17 18 19 20 Part Three Record the November 10th journal entry to recognize the receipt of payment from Richard 21 Rich. 22 23 24 25 26 PIT (Down Payment) Revenue over Time Expected Value Stand Alone