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Monty Company sells on credits goods that cost $ 3 0 4 , 5 0 0 to Ricard Company for $ 4 0 9 ,
Monty Company sells on credits goods that cost $ to Ricard Company for $ on January The sales price includes an installation fee, which has a standalone selling price of $ The standalone selling price of the goods is $ The installation is considered a separate performance obligation and is expected to take months to complete.
a Prepare the journal entries if any to record the sale on January Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select No entry" for the account titles and enter for the amounts.
Date
Account Titles and Explanation
Debit
Credit
Jan.
enter an account title to record the transaction on January
enter a debit amount
enter a credit amount
enter an account title to record the transaction on January
enter a debit amount
enter a credit amount
enter an account title to record the transaction on January
enter a debit amount
enter a credit amount
To record sales on account
Jan.
enter an account title to record the transaction on January
enter a debit amount
enter a credit amount
enter an account title to record the transaction on January
enter a debit amount
enter a credit amount
To record cost of goods aold
b Monty prepares an income statement for the first quarter of ending on March installation was completed on June How much revenue should Monty recognize related to its sale to Ricard?
First Quarter
Sales Revenue
$enter a dollar amount
Cost of Goods Sold
enter a dollar amount
Gross Profit
Please explain calculations, steps, and answers along the way please.
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