REQUIRED: Record any necessary Journal entries to account for the following transaction. Jan 31" Sells one refrigerator (original cost: $12,000) with a two-year "beer of the month" subscription for a discounted cash price of $21,600. The cash and refrigerator are both exchanged on this date. The normal sales price of the refrigerator, by itself, is $20,400. The normal sales price of a two-year "beer of the month' subscription, by itself, is $3,600. No beer will be delivered until mld-February.

REQUIRED: Record any necessary Journal entries to account for the following transaction. Jan 31" Sells one refrigerator (original cost: $12,000) with a two-year "beer of the month" subscription for a discounted cash price of $21,600. The cash and refrigerator are both exchanged on this date. The normal sales price of the refrigerator, by itself, is $20,400. The normal sales price of a two-year "beer of the month' subscription, by itself, is $3,600. No beer will be delivered until mld-February.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 1EA: On March 1, Bates Board Shop sells 300 surfboards to a local lifeguard station at a sales price of...

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