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Sweet sells three grain/hay dryers to a local farmer at a total contract price of $45,600. In addition to the dryers, Sweet provides installation, which
Sweet sells three grain/hay dryers to a local farmer at a total contract price of $45,600. In addition to the dryers, Sweet provides installation, which has a standalone selling price of $1,000 per unit installed. The contract payment also includes a $1,200 maintenance plan for the dryers for 3 years after installation Sweet signs the contract on June 20, 2017, and receives a 20% down payment from the farmer. The dryers are delivered and installed on Otobe,20 and full payment is made to Sweet. Prepare the journal entries for Sweet in 2017 related to this arrangement. (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 O for the amounts.) Date Account Titles and Explanation Debit Credit Jun. 20, 2017 To record payment received) To record sales) To record cost of goods sold) Click if you would like to Show Work for this question: Qpen Show Work
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