Can you help me with 4/1 journal entry? follow the two contracts I showed on the top.
Thank you
Can You Help Me With 4 1 Journal Entry Follow The Two Contracts I Showed On The Top Thank You 1 (32.69 KiB) Viewed 13 times
Can You Help Me With 4 1 Journal Entry Follow The Two Contracts I Showed On The Top Thank You 2 (32.69 KiB) Viewed 13 times
Sales Contracts Supplemental Information: E-mail dated Wednesday, June 30, Year 1, 10:21 a.m. 1) For the HRH Granite display unit model and maintenance that was sold to Kitchen Warehouse, the standard pricing is as follows: HRH Granite sells the display unit and annual maintenance services separately for the following The seller agrees to make available for sale and the buyer shall purchase the following amounts: -Display unit $15,000 - One-time accessibility fee -Display unit -Annual maintenance of display unit $2.000/year -Annual maintenance of display unit *collectively known as the products") 2) The accessibility fee is not distinct nor separately identifiable from the other products Exhibit 2 Journal Entries (Year 1 Sale and Year 1 Amortization) 4/1 6:30 Cash Sales revenue Unearned maintenance revenue Unearned maintenance revenue BOO F $20,000 Bundled Contract Arrangement This sales contract (the "contract") is entered into on 4/1/Year 1 (the "effective date"), by and between HRH Granite (the "seter") and Kitchen Warehouse (the "buyer") for a contract term of five years. The total contract price of $20,000 is to be paid in accordance with the terms of this contract. $1,500 The fee structure agreed to by the seller and buyer of the products includes the following One-time accessibility fee $2,500 - Display unit -Annual maintenance of display unit $10,000 $1,500/year HRH Granite: HRH Granite/LBC Kitchen Warehouse: Kitchen Warehouse/JCO
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