On July 1, 2021, Concord Inc. entered into a contract to deliver one of its specialty machines to Kickapoo Landscaping Co. The contract requires Kickapoo to pay the contract price of $5,400 in advance on July 15, 2021. Kickapoo pays Concord on July 15, 2021, and Concord delivers the machine (with cost of $2,100) on July 31, 2021. Prepare the journal entry on July 1, 2021, for Concord. (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.) Account Titles and Explanation Debit Credit eTextbook and Media List of Accounts Prepare the journal entry on July 15, 2021, for Concord. (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.) Account Titles and Explanation Debit Credit eTextbook and Media List of Accounts Prepare the journal entry on July 31, 2021, for Concord. (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.) Account Titles and Explanation Debit Credit (To record contract price paid) (To record cost of machine)
On July 1, 2021, Concord Inc. entered into a contract to deliver one of its specialty machines to Kickapoo Landscaping Co. The contract requires Kickapoo to pay the contract price of $5,400 in advance on July 15, 2021. Kickapoo pays Concord on July 15, 2021, and Concord delivers the machine (with cost of $2,100) on July 31, 2021. Prepare the journal entry on July 1, 2021, for Concord. (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.) Account Titles and Explanation Debit Credit eTextbook and Media List of Accounts Prepare the journal entry on July 15, 2021, for Concord. (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.) Account Titles and Explanation Debit Credit eTextbook and Media List of Accounts Prepare the journal entry on July 31, 2021, for Concord. (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.) Account Titles and Explanation Debit Credit (To record contract price paid) (To record cost of machine)
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter17: Advanced Issues In Revenue Recognition
Section: Chapter Questions
Problem 6C: On October 1, 2019, Grahams WeedFeed Inc. signs a contract to maintain the grounds for BigData Corp....
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On July 1, 2021, Concord Inc. entered into a contract to deliver one of its specialty machines to Kickapoo Landscaping Co. The contract requires Kickapoo to pay the contract price of $5,400 in advance on July 15, 2021. Kickapoo pays Concord on July 15, 2021, and Concord delivers the machine (with cost of $2,100) on July 31, 2021.
Prepare the journal entry on July 1, 2021, for Concord. (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.)
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Account Titles and Explanation
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Debit
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Credit
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eTextbook and Media
List of Accounts
Prepare the journal entry on July 15, 2021, for Concord. (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.)
|
Account Titles and Explanation
|
Debit
|
Credit
|
|
|
|
|
|
|
|
|
eTextbook and Media
List of Accounts
Prepare the journal entry on July 31, 2021, for Concord. (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.)
|
Account Titles and Explanation
|
Debit
|
Credit
|
|
|
|
|
|
|
|
|
| (To record contract price paid) | ||
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|
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| (To record cost of machine) |
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