In September 2020, Ayayai Corp. commits to selling 149 of its iPhone-compatible docking stations to Better Buy Co. for $16,390 ($110 per product). The stations are delivered to Better Buy over the next 6 months. After 92 stations are delivered, the contract is modified and Ayayai promises to deliver an additional 45 products for an additional $4,725 ($105 per station). All sales are cash on delivery. Prepare the journal entry for Ayayai for the sale of the first 92 stations. The cost of each station is $52. (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 O for the amounts.) Account Titles and Explanation (To record sales) Debit Credit
In September 2020, Ayayai Corp. commits to selling 149 of its iPhone-compatible docking stations to Better Buy Co. for $16,390 ($110 per product). The stations are delivered to Better Buy over the next 6 months. After 92 stations are delivered, the contract is modified and Ayayai promises to deliver an additional 45 products for an additional $4,725 ($105 per station). All sales are cash on delivery. Prepare the journal entry for Ayayai for the sale of the first 92 stations. The cost of each station is $52. (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 O for the amounts.) Account Titles and Explanation (To record sales) Debit Credit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:In September 2020, Ayayai Corp. commits to selling 149 of its iPhone-compatible docking stations to Better Buy Co. for $16,390
($110 per product). The stations are delivered to Better Buy over the next 6 months. After 92 stations are delivered, the contract is
modified and Ayayai promises to deliver an additional 45 products for an additional $4,725 ($105 per station). All sales are cash on
delivery.
Prepare the journal entry for Ayayai for the sale of the first 92 stations. The cost of each station is $52. (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 O for the amounts.)
Account Titles and Explanation
(To record sales)
Debit
Credit
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