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View Policies Current Attempt in Progress Novak Company sells outdoor grilling products, providing gas and charcoal grills, accessories, and installation services for custom patio grilling stations Respond to the requirements related to the following independent revenue arrangements for Novak products and services. Novak offers contract MG100 which is comprised of a free-standing gasgrill for small patio use plus installation to a customer's gas line for a total price $1,000. On a standalone basis, the grill sells for $800 (cost $470), and Novak estimates that the fair value of the installation service (based on cost-plus estimation) is $200. Novak signed 20 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 Novak 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 for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit = Date Account Titles and Explanation Debit Credit (To record sales revenue) (To record the cost of goods sold) Novak sells its specialty combination gas/wood-fired grills to local restaurants. Each grill is sold for $1.400 (cost $670) on credit with terms 3/20, net/60. Prepare the journal entries for the sale of 25 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 O forth amounts.) No. Account Titles and Explanation Debit Credit 1. Accounts Receivable rev (To record sales on account) Cost of Goods Sold Cash (To record the cost of goods sold) (To record cash collected) -/1 (To record sales on account) Cost of Goods Sold Cash (To record the cost of goods sold) (To record cash collected) 2. (To record sales on account) (To record the cost of goods sold) (To record sales on account) (To record the cost of goods sold) (To record cash collected) e Textbook and Media List of Accounts