Barnes Co. is a technology company which provides equipment, installation services as well as a full year of training. Customers can purchase any product or service separately or as a bundled package. Container Corporation purchased computer equipment, installation, and training for a total cost of $144,000 on 3/15/24. Estimated standalone fair values of the equipment, installation and training are $90,000, $60,000, and $30,000 respectively. The journal entry to record the transaction on 3/15/24 will include a a. credit to Sales Revenue for $144,000. b. C. d. debit to Unearned Service Revenue of $24,000. credit to Unearned Service Revenue of $72,000. credit to Sales Revenue of $72,000.

Barnes Co. is a technology company which provides equipment, installation services as well as a full year of training. Customers can purchase any product or service separately or as a bundled package. Container Corporation purchased computer equipment, installation, and training for a total cost of $144,000 on 3/15/24. Estimated standalone fair values of the equipment, installation and training are $90,000, $60,000, and $30,000 respectively. The journal entry to record the transaction on 3/15/24 will include a a. credit to Sales Revenue for $144,000. b. C. d. debit to Unearned Service Revenue of $24,000. credit to Unearned Service Revenue of $72,000. credit to Sales Revenue of $72,000.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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