Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please show work steo by step On March 1, 2021. Gold Examiner receives $169,000 from a local bank and promises to deliver 95 units of

please show work steo by step
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
On March 1, 2021. Gold Examiner receives $169,000 from a local bank and promises to deliver 95 units of certified 1-oz. gold bars on a future date. The contract states that ownership passes to the bank when Gold Examiner delivers the products to Brink's, a third-party carrier. In addition, Gold Examiner has agreed to provide a replacement shipment at no additional cost if the product is lost in transit. The stand-alone price of a gold bar is $1710 per unit, and Gold Examiner estimates the stand- alone price of the replacement insurance service to be $90 per unit. Brink's picked up the gold bars from Gold Examiner on March 30, and delivery to the bank occurred on April 1. Required: 1. How many performance obligations are in this contract? 2. to 4. Prepare the journal entry Gold Examiner would record on March 1, March 30 and April 1. Complete this question by entering your answers in the tabs below. Reg 1 Reg 2 to 4 How many performance obligations are in this contract? Number of performance obligations Reg 2 to 4 > - Uue HDL ducunt neid.) View transaction list Journal entry worksheet Record the receipt of cash by Gold Examiner. Note: Enter debits before credits General Journal Dobit Credit Date March 01. 2021 View general Journal Record entry Clear entry Muncu e tirst account field.) View transaction list Journal entry worksheet Record any necessary entry when Brink's has picked up the gold bars from Gold Examiner Note: Enter debits before credits General Journal Debit Credit Date March 30. 2021 Record entry Clear entry View general journal entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet

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

Payroll Accounting 2022

Authors: Bernard J. Bieg, Judith A. Toland

32nd Edition

0357518756, 9780357518755

More Books

Students also viewed these Accounting questions