Maurice Tutor

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Teaching Since: May 2017
Last Sign in: 401 Weeks Ago, 2 Days Ago
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Education

  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 25 Jul 2017 My Price 3.00

Grando Company

On December 31, 2012, Grando Company sells production equipment to Fargo Inc. for $50,000. Grando includes a 1-year warranty service with the sale of all its equipment. The customer receives and pays for the equipment on December 31, 2012. Grando estimates the prices to be $48,800 for the equipment and $1,200 for the warranty.
Instructions
(a) Prepare the journal entry to record this transaction on December 31, 2012.
(b) Indicate how much (if any) revenue should be recognized on January 31, 2013, and for the year 2013.

Answers

Maurice Tutor
(5)
Status NEW Posted 25 Jul 2017 02:07 PM My Price 3.00

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