AC 302 WEEK 2 Exercise 18A 22

AC 302 WEEK 2 Exercise 18A 22
On January 1, 2014, Gordon Co. enters into a contract to sell a customer a wiring base and shelving unit that sits on the base in exchange for $3,180. The contract requires delivery of the base first but states that payment for the base will not be made until the shelving unit is delivered. Gordon identifies two performance obligations and allocates $1,272 of the transaction price to the wiring base and the remainder to the shelving unit. The cost of the wiring base is $742; the shelves have a cost of $339.



	 
 
 	Prepare the journal entry on January 1, 2014, for Gordon. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)
Date	Account Titles and Explanation	Debit	Credit
January 1, 2014	  
  
  

	  
  
  




Show List of Accounts

Link to Text
			


	 
 
 	Prepare the journal entry on February 5, 2014, for Gordon when the wiring base is delivered to the customer. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)
Date	Account Titles and Explanation	Debit	Credit
February 5, 2014	  
  
  

	  
  
  

	(To record the sale)		
February 5, 2014	  
  
  

	  
  
  

	(To record cost of goods sold)		



Show List of Accounts

Link to Text
			


	 
 
 	Prepare the journal entry on February 25, 2014, for Gordon when the shelving unit is delivered to the customer and Gordon receives full payment. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)
Date	Account Titles and Explanation	Debit	Credit
February 25, 2014	  
  
  

	  
  
  

	  
  
  

	(To record the sale)		
February 25, 2014	  
  
  

	  
  
  

	(To record cost of goods sold)