Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

On August 22, 2021, Pharoah Manufacturing sold on account one of its Model S14 bulldozers including a 5-year service contract for $227,000. The stand-alone price

On August 22, 2021, Pharoah Manufacturing sold on account one of its Model S14 bulldozers including a 5-year service contract for $227,000. The stand-alone price of the equipment is $186,000 and the service contract sells separately between $41,000 and $84,000.
Prepare the appropriate journal entry for the transaction. Ignore cost of goods sold entry. (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 0 for the amounts.)
Date
Account Titles and Explanation
Debit
Credit
August 22/21
image text in transcribed
Question 3 of 10 7.78/10 E Show Attempt History Current Attempt In Progress Your answer is partially correct On August 22, 2021. Pharoah Manufacturing sold on account one of its Model S14 bulldozers including a 5-year service contract for $227,000. The stand-alone price of the equipment is $186,000 and the service contract sells separately between $41,000 and $84,000 Prepare the appropriate journal entry for the transaction. Ignore cost of goods sold entry. (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.) Date Account Titles and Explanation Debit Credit August 22/21 Accounts Receivable 227000 Sales Revenue 169907 Unearned Revenue 57093 eTextbook and Media List of Accounts Save for Later Attempts: 2 of 3 used Submit

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions

Question

What processes maintain the cellular concentration of ATP?

Answered: 1 week ago

Question

How does budget size influence compensation?

Answered: 1 week ago

Question

What is IUPAC system? Name organic compounds using IUPAC system.

Answered: 1 week ago

Question

What happens when carbonate and hydrogen react with carbonate?

Answered: 1 week ago