Problem 137 Master Grill 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 Master Grill products and services. Master Grill 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 $890. On a standalone basis, the grill sells for $760 (cost $520), and Master Grill estimates that the fair value of the installation service (based on cost-plus estimation) is $170. Master Grill signed 15 MG100 contracts on May 30, 2018, and customers paid the contract price in cash. The grills were delivered and installed on June 15, 2018. Prepare journal entries for Master Grill for MG100 in May and June 2018. (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 0 for the amounts.) Date Account Titles and Explanation Debit Credit May 30, 2018 June 15, 2018 (To record sales revenue) June 15, 2018 (To record the cost of goods sold) Master Grill sells its specialty combination gas/wood-fired grills to local restaurants. Each grill is sold for $1,350 (cost $620) on credit with terms 2/20, net/60. Prepare the journal entries for the sale of 30 grills on August 1, 2018, and upon payment, assuming the customer paid on (1) August 20, 2018, and (2) September 29, 2018. 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 for the amounts.) No. Account Titles and Explanation Debit Credit 1. (To record sales on account) (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 cash collected)