Problem 18-3 (Part Level Submission)

Accounts Receivable Accounts Payable Advertising Expense Allowance for Sales Returns and Allowances Billings on Construction in Process Cash Cash, Parts, Labor Commission Expense Commission Revenue Construction in Process Construction Expenses Contract Asset Contract Liability Cost of Goods Sold Cost of Installment Sales Deferred Gross Profit Delivery Expense Discount on Notes Receivable Estimated Inventory Returns Finished Goods Inventory Franchise Revenue Freight- Out Gain on Repossession Income Summary Installment Accounts Receivable Installment Sales Revenue Interest Expense Interest Revenue Inventory Inventory on Consignment Liability to Bonus Point Customers Liability to Enyart Company Liability to Werner Metal Company License Revenue Loss from Long-Term Contracts Loss on Repossession Materials, Cash, Payables No Entry Notes Receivable Operating Expenses Payable to Consignor Purchases Realized Gross Profit Repossessed Merchandise Retained Earnings Returned Inventory Revenue from Consignment Sales Revenue from Franchise Fees Revenue from Long-Term Contracts Sales Discounts Sales Discounts Forfeited Sales Returns and Allowances Sales Revenue Service Revenue Unearned Franchise Revenue Unearned Sales Revenue Unearned Service Revenue Unearned Warranty Revenue Warranty Expense Warranty Liability

Problem 18-3 (Part Level Submission) Bridgeport Company sells total outdoor grilling solutions, 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 Bridgeport products and services. v (a) Bridgeport offers contract GM205, 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 $782. On a standalone basis, the grill s for $687 (cost ells $391), and Bridgeport estimates that the standalone selling price of the installation service (based on cost-plus estimation) is $145. (The selling of the grill and the installation services should be considered two performance obligations Bridgeport signed 10 GM205 contracts on April 20, 2017, and customers paid the contract price in cash. The grills were delivered and installed on May 15, 2017. Prepare joumal entries for Bridgeport for GM205 in April and May 2017. (Credit account titles are automatically indented when the 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 Apr. 20, 2017 May 15, 2017 To record sales) (To record cost of goods sold)