luBlem 18-5 Skysong Ranch & isa are sold direc u mef trench-digging and fencing,

Question

luBlem 18-5 Skysong Ranch & isa are sold direc u mef trench-digging and fencing, grain dryers, and barn winches, Most from sma A Concord is a distributor of ranch and farm equipment. Its products range popular products are as folows. ttem Selling Price (Cost) 3,400 ($2,200) Power fence hole auger Grair/hay dryer 14,000 (11,300 Respond to the requirements related to the following independent revenue arrangements for Skysong Your answer is partially cormect. Try again. I contract price of s45,400. In atermer. The payment from t journal entries for Skysong in 2017 related to this a required, select "No entry for the a amounts.) entry is Account Tites and Explanation Debit un, 20, 2017 (To record payment received) Unearned Sales Revenue To record sales) Unearned Service Revenue Maintenance To record cost of goods sold) Page 3 of 4 Problem 18-5

Explanation / Answer

( 3 months Service Revenue - Maintainance recognised )(1200/3/12*3)

Debit Credit 1 Cash      9,080.00 Account Receivable    36,320.00 Unearned Service Revenue - Installation      1,100.00 Unearned Service Revenue - Maintainance      1,200.00 Unearned Revenue - Sales    43,100.00 2 Cash    36,320.00 Account Receivable    36,320.00 3 Unearned Revenue - Sales    43,100.00 Unearned Service Revenue - Maintainance      1,100.00 Sales Revenue    44,200.00 4 Unearned Service Revenue - Maintainance 100      Service Revenue - Maintainance 100 (Assumed 31st Dec is Financial Year Close)

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