FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

On November 1, 2021, Wildhorse Farm entered into a contract to buy a $159000 harvester from John Deere. The contract required Wildhorse Farm to pay

On November 1, 2021, Wildhorse Farm entered into a contract to buy a $159000 harvester from John Deere. The contract required Wildhorse Farm to pay $159000 in advance on November 1, 2021. The harvester (cost of $119000) was delivered on November 30, 2021. The journal entry to record the contract on November 1, 2021 includes a

credit to Unearned Sales Revenue for $159000.

credit to Accounts Receivable for $159000.

debit to Unearned Sales Revenue for $159000.

credit to Sales Revenue for $159000.

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

Recommended Textbook for

Accounting, Chapters 1-13

Accounting, Chapters 1-13

Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac

25th Edition

1285069625, 9781285069623

More Books

Students also viewed these Accounting questions

Question

★★★★★
Describe the two methods that taxpayers use to prepay their taxes.

Answered: 1 week ago

Question

★★★★★
What are the advantages and disadvantages of holding companies in making M&As?

Answered: 1 week ago

Question

★★★★★
In the year 2030, the oldest "baby boomers" (born in 1946) will be 84 years old, and the oldest "Gen-Xers" (born in 1965) will be eligible to collect Canada Pension Plan (CPP) benefits. How will this...

Answered: 1 week ago

Question

★★★★★
Cooks Department Store advertises that it maintains in its store a barber shop managed by Hunter. Actually, Hunter is not an employee of the store but merely rents space in it. While shaving Jordon...

Answered: 1 week ago

Question

★★★★★
Phoenix Company's 2017 master budget included the following fixed budget report. It is based on an expected production and sales volume of 15,000 units. $3,000,000 PHOENIX COMPANY Fixed Budget Report...

Answered: 1 week ago

Question

★★★★★
the product mix ABC Company produces Product X, Product Y, and Product Z. All three products require processing on specialized finishing machines. The capacity of these machines is 1,400 hours per...

Answered: 1 week ago

Question

★★★★★
john calls because his mortgage company is requesting proof of insurance for a two - family home he is purchasing that he plans to rent to tenants. what product best matches his needs?

Answered: 1 week ago

Question

★★★★★
Case 2-22 (Algo) Plantwide versus Departmental Overhead Rates; Pricing (LO2-1, LO2-2, LO2-3, LO2-4] "Blast it" said David Wilson, president of Teledex Company. "We've just lost the bid on the Koopers...

Answered: 1 week ago

Question

★★★★★
1. Conduct a research online and analyse the approaches use in system documentation, problems, and propose possible solutions. Address the following: 1a. Discuss the specific recommendations that you...

Answered: 1 week ago

Question

★★★★★
Billing charges for Microsoft 365 Commercial licensing. When a customer purchases a subscription and changes the amount during the subscription period, a full refund is credited then prorated for...

Answered: 1 week ago

Question

★★★★★
Barlow Company manufactures three products-A, B, and C. The selling price, variable costs, and contribution margin for one unit of each product follow: A Product B C Selling price Variable expenses:...

Answered: 1 week ago

Question

★★★★★
=+Did you find it funny when they asked, Where my kids at? Or when they break the rap when the little girl says, I gotta potty.

Answered: 1 week ago

Question

★★★★★
=+Look closely at the two scripts below (1) Pay Per View and (2) Red Paint. The first one of each spot is as scripted. The second one is as produced. Can you spot the rewrites? The little changes...

Answered: 1 week ago

Question

★★★★★
=+Compare the two spots. Look at the casting, the music, the dancing, the visual references like the body language and hand gestures of the Sienna commercial and the finger sandwiches and chocolate...

Answered: 1 week ago

Previous Question Next Question