On November 1, 2024, Wildhorse Farm entered into a contract to buy a $159000 harvester from John Deere. The contract required Wildhorse Farm to pay $159000 in advance on November 1, 2024. The harvester (cost of $119000) was delivered to Wildhorse Farm on November 30, 2024. The journal entry for John Deere to record the contract on November 1, 2024 includes a O credit to Accounts Receivable for $159000. O debit to Unearned Sales Revenue for $159000. O credit to Sales Revenue for $159000. O credit to Unearned Sales Revenue for $159000.

On May 3, 2020, Vaughn Company consigned 90freezers, costing $470each, to Remmers Company. The cost of shipping the freezers amounted to $870and was paid by Vaughn Company. On December 30, 2020, a report was received from the consignee, indicating that45freezers had been sold for $750each. Remittance was made by the consignee for the amount due after deducting a commission of6%, advertising of $180, and total installation costs of $310on the freezers sold. (Round answers to O decimal places, e.g. 5,275.) (a) Compute the inventory value of the units unsold in the hands of the consignee. Inventory value $ (b) Compute the profit for the consignor for the units sold. Profit on consignment sales $ (c) Compute the amount of cash that will be remitted by the consignee. Remittance from consignee $

On February 1, 2023, Armen Inc. entered into a contract to deliver one of its specialty machines to Idris Inc. The contract requires Idris Inc to pay the contract price of $15,000 in advance on February 20, 2023. Idris Inc. pays Armen Inc on February 20, 2023, and Armen Inc delivers the machine (costing $12,600) on February 28, 2023 and Idris Inc starts using the machine on March 3, 2023. When should Armen Inc recognize revenue?

Yellow Company purchases a truck on January 1, 2021. According to the contract Yellow will not make any payments in 2021, 2022 and 2023. Yellow is to make an annuity payment of $5,000 starting December 31, 2024 through December 31, 2028. Calculate the cost of the truck.

Please list all of the journal entries for 2022 the OHIO Contract. Your company name is PP. See below information: Ohio Contract On September 7th of the current year (2022), PP signed a contract with Ohio Contract, a large city in the northeast. PP will provide Ohio with 2,470 scooters for $855 each. Each of the scooters is included in a service agreement, whereby PP will provide all maintenance on the scooters for 3 years. In addition, it will provide labor at no charge for these repairs. At the time of the repair, PP will bill Ohio for the parts needed to accomplish the repair. Ohio paid WTG on September 7th of the current year. PP will deliver 665 scooters on October 1 of the current year, 875 scooters on January 1 of next year, and 930 scooters on April 1 of the next year. Because of the size of Ohio, and its potential to buy many more scooters, PP offers them a volume discount, based on how many scooters they purchase between September 7th of the current year and December 31st of…

On May 1, 2020, Culver Inc. entered into a contract to deliver one of its specialty mowers to Kickapoo Landscaping Co. The contract requires Kickapoo to pay the contract price of $942 in advance on May 15, 2020. Kickapoo pays Culver on May 15, 2020, and Culver delivers the mower (with cost of $585) on May 31, 2020.(a) Prepare the journal entry on May 1, 2020, for Culver. (Credit account titles are automatically indented when the 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.) Date Account Titles and Explanation Debit Credit May 1, 2020 enter an account title to record the transaction on May 1, 2017 enter a debit amount enter a credit amount   enter an account title to record the transaction on May 1, 2017 enter a debit amount enter a credit amount (b) Prepare the journal entry on May 15, 2020, for Culver. (Credit account titles are automatically indented when the…

On June 1, 2023, Cali Company entered into a contract to buy equipment for $15,000 from Belt Supply. The contract required Cali to pay $15,000 in advance on June 1, 2023. The equipment was delivered on July 3, 2023. The journal entry on Bolt's books to record the contract on June 1, 2023 includes

Bridgeport Inc. enters into an agreement on March 1, 2020, to sell Werner Metal Company aluminum ingots. As part of the agreement, Bridgeport also agrees to repurchase the ingots on May 1, 2020, at the original sales price of $190,000 plus 3%. (a) Prepare Bridgeport's journal entry necessary on March 1, 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles ancienter O for the amounts.) Account Titles and Explanation eTextbook and Media List of Accounts Debit Credit

am. 111.

On December 31, 2023, Sablok Company sells production equipment to Tang Inc. for $50,000. Sablok includes a one-year assurance warranty service with the sale of all its equipment. The customer receives and pays for the equipment on December 31, 2023. Sablok estimates the prices to be $48,800 for the equipment and $1,200 for the cost of warranty. Instructions Are the sale of the equipment and the warranty separate performance obligations within the contract? Explain. Prepare a single compound journal entry to record this transaction on December 31, 2024. Ignore any related cost of goods sold entry. Repeat the requirements for part (b), assuming that, in addition to the assurance warranty, Sablok sold an extended warranty (service-type warranty) for an additional two years (2024–2025) for $800. (Hint: Use unearned revenue).