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Please help with the attached problem. The first portion of the problem is correct, everything after A is either incorrect or unfinished. Thanks, K Exercise
Please help with the attached problem. The first portion of the problem is correct, everything after A is either incorrect or unfinished.
Thanks,
K
Exercise 18A-3 In September 2014, Gaertner Corp. commits to selling 171 of its iPhone-compatible docking stations to Better Buy Co. for $17,100 ($100 per product). The stations are delivered to Better Buy over the next 6 months. After 120 stations are delivered, the contract is modified and Gaertner promises to deliver an additional 60 products for an additional $5,700 ($95 per station). All sales are cash on delivery. Your answer is correct. Prepare the journal entry for Gaertner for the sale of the first 120 stations. The cost of each station is $64. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Cash Debit Credit 12000 Sales Reve 12000 (To record the sale) Cost of Go Inventory (To record cost of goods sold) Show List of Accounts Show Solution Show Answer Link to Text 7680 7680 Your answer is partially correct. Try again. Prepare the journal entry for the sale of 10 more stations after the contract modification, assuming that the price for the additional stations reflects the standalone selling price at the time of the contract modification. In addition, the additional stations are distinct from the original products as Gaertner regularly sells the products separately. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Cash Debit Credit 12000 Cost of Go 12000 (To record the sale) cash 5700 Cost of Go 5700 (To record cost of goods sold) Show List of Accounts Link to Text Your answer is incorrect. Try again. Prepare the journal entry for the sale of 10 more stations (as in (b)), assuming that the pricing for the additional products does not reflect the standalone selling price of the additional products and the prospective method is used. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round answers to 2 decimal places, e.g. 52.75.) Account Titles and Explanation Debit Credit (To record the sale) (To record cost of goods sold) Click if you would like to Show Work for this question: Open Show WorkStep by Step Solution
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