WeBike retails and services bicycles. On 1 March 2022, WeBike entered into an agreement with the Burwood Cycling Club to supply the club with 20 cyclocross bicycles and provide 2 maintenance services for a total contract price of $78,100 (GST Inclusive). The Burwood Cycling Club paid 70% of the contract amount on the day of entering the contract agreement and the remaining 30% on 5 April

2022.

The 20 bicycles were sold and delivered to the Burwood Cycling Club on 15 April

2022. The stand-alone price of 1 bicycle is $3,850 (GST

Inclusive).

The first maintenance service is scheduled to be provided 2 months after the day of the sale and is worth $66 (GST Inclusive) per bicycle. The second maintenance service is scheduled to be provided 7 months after the day of the sale and is worth $99 (GST Inclusive) per bicycle.

(a) Allocate the transaction price to each performance obligation. Show your workings.

(b) Record the sale of bicycles, receipts of cash and provision of 2 services in the General Journal below. Round double-entries to a full dollar. GST needs to be accounted for. Narrations are not required.