Sir please help me urgently Part 2: Answer the following problems in the space provided You may use a calculator but no cellphones.Master Grill Company sells outdoor grilling products, providing gas and charcoal grills, accessories, andinstallation services for custom patio grilling stations.Master Grill sells a free-standing gas grill for small patio use (Model SP219) for $800 (cost $470). In Mayand June 2021, respectively, Master Grill sold 400 and 500 of these grills to its customers on a point-of-salebasis.Master Grill also offers a combination contract (Model MG100) which is comprised of a Model SP219 grillplus installation to a customer's gas line for a total price $950. Master Grill estimates that the fair value ofthe installation service (based on cost-plus estimation) is $200. Master Grill signed 15 Model MG100contracts in each of May and June 2021, and customers paid cash in full settlement of the contract priceupon signing the contract. The grills were delivered and installed a month after signing cach of therespective contracts.Master Grill also sells its specialty combination gas/wood-fired grill (Model R700) to local restaurants.Each grill is sold for $1,200 (cost $670) on credit with terms 2/20, net/60. Prepare the journal entries for thesale of 20 of these grills in May 2021 and 10 of these grills in June 2021. Assume the company recordssales net.Required:1.) Indicate the amount of revenue that should be allocated to the performance obligations of eachproduct sold in May and June 2021. Indicate with an "E" or a "U" if the revenue is carned orunearned in the month of sale.2.) Prepare Master Grill's journal entries for cach of these products in May and June 2021. Assumethe customers purchasing the R700 grills on account pay in time to get the discounts.

Journal Entry The purpose preparing the journal entry to enter the required transaction into debit…

Required: 1.) Indicate the amount of revenue that should be allocated to the performance obligations of cach product sold in May and June 2021. Indicate with an "E" or a "U" if the revenue is carned or unearned in the month of sale. 2.) Prepare Master Grill's journal entries for cach of these products in May and June 2021. Assume the customers purchasing the R700 grills on account pay in time to get the discounts.

Required: 1.) Indicate the amount of revenue that should be allocated to the performance obligations of cach product sold in May and June 2021. Indicate with an "E" or a "U" if the revenue is carned or unearned in the month of sale. 2.) Prepare Master Grill's journal entries for cach of these products in May and June 2021. Assume the customers purchasing the R700 grills on account pay in time to get the discounts.

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter10: Short-term Decision Making

Section: Chapter Questions

Problem 4PA: Ken Owens Construction specializes in small additions and repairs. His normal charge is $400/day...

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