Please explain(and show your work/calculations) of how you can arrive at the following answers/solutions:
Your Answer Correct Answer (Used) Sheridan offers contract MG100 which is comprised of a free-standing gas grill for small patio use plus installation to a customer's gas line for a total price $1,200. On a standalone basis, the grill sells for $800 (cost $470), and Sheridan estimates that the fair value of the installation service (based on cost-plus estimation) is $200. Sheridan signed 25 MG100 contracts on May 30, 2021, and customers paid the contract price in cash. The grills were delivered and installed on June 15, 2021. Prepare journal entries for Sheridan for MG100 in May and June 2021. (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 O for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit May 30, 2021 Cash 30,000 Unearned Service Revenue Unearned Sales Revenue June 15, 2021 Unearned Service Revenue 6,000 Unearned Sales Revenue 24,000 Question 9 of 10 0.05/1 = NCLUIU JUUTTUI EITLICS IIIC Urut prescriLCU LIC PEUVICITI. te Account Titles and Explanation Debit Credit 21 Cash 30,000 Unearned Service Revenue 6,000 Unearned Sales Revenue 24,000 Unearned Service Revenue 6,000 Unearned Sales Revenue 24,000 Service Revenue 6,000 Sales Revenue 24,000 (To record sales revenue) 21 Cost of Goods Sold 11,750 Inventory 11,750 (To record the cost of goods sold) Question 9 of 10 0.05 / 1 Sheridan sells its specialty combination gas/wood-fired grills to local restaurants. Each grill is sold for $1,300 (cost $650) on credit with terms 3/20, net/60. Prepare the journal entries for the sale of 30 grills on August 1, 2021, and upon payment, assuming the customer paid on (1) August 20, 2021, and (2) September 29, 2021. Assume the company records sales net. (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 Ofor the amounts.) No. Account Titles and Explanation Debit Credit 1. Accounts Receivable 37,830 Sales Revenue 37,830 (To record sales on account) Cost of Goods Sold 19,500 Inventory 19,500 (To record the cost of goods sold) Cash 37,830 Accounts Receivable 37,830 (To record cash collected) 2. Accounts Receivable 37,830 Question 9 of 10 0.05 / 1 TIL LUSL UT UUUUS JUU 17,JUU Inventory 19,500 (To record the cost of goods sold) Cash 37,830 Accounts Receivable 37,830 (To record cash collected) 2. Accounts Receivable 37,830 Sales Revenue 37,830 (To record sales on account) Cost of Goods Sold 19,500 Inventory 19,500 (To record the cost of goods sold) Cash 39,000 Accounts Receivable 37,830 Sales Discounts Forfeited 1,170 (To record cash collected)
