SuperTutor

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Teaching Since: Apr 2017
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  • MBA, Ph.D in Management
    Harvard university
    Feb-1997 - Aug-2003

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    Strayer University
    Jan-2007 - Present

Category > Accounting Posted 20 Jun 2017 My Price 8.00

Ayayai offers

Ayayai offers building R400, mainly to homeowners. Ayayai will also install the building for the customer. The price for Ayayai to deliver and install an R400 is $6,100. On a standalone basis, the building sells for $5,900 (cost $3,600), and Ayayai estimates that the standalone selling price of the installation service (based on cost-plus estimation) is $500. (The selling of the building and the installation services are considered two performance obligations.) Ayayai signed 17 contracts to deliver and install R400s on April 5, 2017. Customers paid the contract price in cash. The buildings were delivered and installed during May 2017. Prepare journal entries for Ayayai for R400 in April and May 2017. (Round intermediate calculations to 6 decimal places, e.g. 1.246871 and final answers to 0 decimal places, e.g. 5,125. 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

Apr. 5, 2017

Cash

 

 Unearned Service Revenue

Unearned Sales Revenue

 

 

May, 2017

Unearned Sales Revenue

 

Unearned Service Revenue

 

Service Revenue

 

 

Sales Revenue

 

 

(To record sales)

Cost of Goods Sold

 

 

Inventory

 

 

(To record cost of goods sold)

Answers

SuperTutor
(15)
Status NEW Posted 20 Jun 2017 04:06 AM My Price 8.00

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file 1497933940-Solutions file.docx preview (56 words )
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