Sheridan Company sells tablet PCs combined with Internet service, which permits the tablet to connect to the Internet anywhere and set up a Wi Fi hot spot It offers two bundles with the following terms 1 Sheridan Bundle A sells a tablet with 3 years of Internet service The price for the tablet and a 3 year Internet connection service contract is $455 The standalone selling price of the tablet is $234 (the cost to Sheridan Company is $171) Sheridan Company sells the Internet access service independently for an upfront payment of $270 On January 2, 2017, Sheridan Company signed 90 contracts, receiving a total of $40,950 in cash 2 Sheridan Bundle B includes the tablet and Internet service plus a service plan for the tablet PC (for any repairs or upgrades to the tablet or the Internet connections) during the 3 year contract period That product bundle sells for $551 Sheridan Company provides the 3 year tablet service plan as a separate product with a standalone selling price of $140 Sheridan Company signed 180 contracts for Sheridan Bundle B on July 1, 2017, receiving a total of $99,180 in cash 3 sets of journal entries Please follow the format above only use these accounts 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 Internet Unearned Service Revenue Maintenance Unearned Warranty Revenue Warranty Expense Warranty Liability PLEASE SHOW WORK Prepare any journal entries to record the revenue arrangement for Sheridan Bundle A on January 2, 2017, and December 31, 2017 (Credit account titles are automatically indented when the amount is entered Do not indent manually lf no entry is required, select No entry for the account titles and enter 0 for the amounts Round answers to 0 decimal places, e g 5,125 ) Date Account Titles and Explanation Debit Credit (To record sales) (To record cost of goods sold) Prepare any journal entries to record the revenue arrangement for Sheridan Bundle B on July 1, 2017, and December 31, 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 Round answers to O decimal places, e g 5,125 ) Date Account Titles and Explanation Debit Credit (To record sales) (To record cost of goods sold) Dec 31, 2017 Repeat the requirements for part (a), assuming that Sheridan Company has no reliable data with which to estimate the standalone selling price for the Internet service (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 accountries and enter 0 for the amount Round answers to 0 decimal places, e g 5,125) Date Account Titles and Explanation Debit Credit (To record sales) To record cost of goods sold)

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Sheridan Company sells tablet PCs combined with Internet service, which permits the tablet to connect to the Internet anywhere and set up a Wi-Fi hot

Sheridan Company sells tablet PCs combined with Internet service, which permits the tablet to connect to the Internet anywhere and set up a Wi-Fi hot spot. It offers two bundles with the following terms.

1.		Sheridan Bundle A sells a tablet with 3 years of Internet service. The price for the tablet and a 3-year Internet connection service contract is $455. The standalone selling price of the tablet is $234 (the cost to Sheridan Company is $171). Sheridan Company sells the Internet access service independently for an upfront payment of $270. On January 2, 2017, Sheridan Company signed 90 contracts, receiving a total of $40,950 in cash.
2.		Sheridan Bundle B includes the tablet and Internet service plus a service plan for the tablet PC (for any repairs or upgrades to the tablet or the Internet connections) during the 3-year contract period. That product bundle sells for $551. Sheridan Company provides the 3-year tablet service plan as a separate product with a standalone selling price of $140. Sheridan Company signed 180 contracts for Sheridan Bundle B on July 1, 2017, receiving a total of $99,180 in cash.

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*3 sets of journal entries*

Please follow the format above & only use these accounts:

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 - Internet
Unearned Service Revenue - Maintenance
Unearned Warranty Revenue
Warranty Expense
Warranty Liability

PLEASE SHOW WORK!

Prepare any journal entries to record the revenue arrangement for Sheridan Bundle A on January 2, 2017, and December 31, 2017. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. lf no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Round answers to 0 decimal places, e.g. 5,125.) Date Account Titles and Explanation Debit Credit (To record sales) (To record cost of goods sold) Prepare any journal entries to record the revenue arrangement for Sheridan Bundle B on July 1, 2017, and December 31, 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. Round answers to O decimal places, e.g. 5,125.) Date Account Titles and Explanation Debit Credit (To record sales) (To record cost of goods sold) Dec. 31, 2017 Repeat the requirements for part (a), assuming that Sheridan Company has no reliable data with which to estimate the standalone selling price for the Internet service. (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 accountries and enter 0 for the amount. Round answers to 0 decimal places, e.g. 5,125) Date Account Titles and Explanation Debit Credit (To record sales) To record cost of goods sold)