Haresh Bridgeport Company sells tablet PCs combined with Internet service, which permits the tablet to connect to theInternet anywhere and set up a Wi-Fi hot spot. It offers two bundles with the following terms.1.2.Bridgeport Bundle A sells a tablet with 3 years of Internet service. The price for the tablet and a 3-year Internetconnection service contract is $520. The standalone selling price of the tablet is $238 (the cost to BridgeportCompany is $170). Bridgeport Company sells the Internet access service independently for an upfrontpayment of $328. On January 2, 2020, Bridgeport Company signed 90 contracts, receiving a total of $46,800 incash.(a)Bridgeport Bundle B includes the tablet and Internet service plus a service plan for the tablet PC (for anyrepairs or upgrades to the tablet or the Internet connections) during the 3-year contract period. That productbundle sells for $624. Bridgeport Company provides the 3-year tablet service plan as a separate product with astandalone selling price of $157. Bridgeport Company signed 210 contracts for Bridgeport Bundle B on July 1,2020, receiving a total of $131,040 in cash.In response to competitive pressure for Internet access for Bridgeport Bundle A, after 2 years of the 3-year contract,Bridgeport Company offers a modified contract and extension incentive. The extended contract services are similar tothose provided in the first 2 years of the contract. Signing the extension and paying $94 (which equals the standaloneselling of the revised Internet service package) extends access for 2 more years of Internet connection. 50 BridgeportBundle A customers sign up for this offer.Prepare the journal entry when the contract is signed on January 2, 2022, for the 50 extended contracts. Assumethe modification does not result in a separate performance obligation. (Credit account titles areautomatically indented when the amount is entered. Do not indent manually. If no entry isrequired, select "No entry" for the account titles and enter 0 for the amounts.)Account Titles and ExplanationDebitCredit

Journal entries provide a precise and orderly way for businesses to methodically document and report…

Bridgeport Company sells tablet PCs combined with Internet service, which permits the tablet to connect to the Internet anywhere and set up a Wi-Fi hot spot. It offers two bundles with the following terms. 1. 2. Bridgeport Bundle A sells a tablet with 3 years of Internet service. The price for the tablet and a 3-year Internet connection service contract is $520. The standalone selling price of the tablet is $238 (the cost to Bridgeport Company is $170). Bridgeport Company sells the Internet access service independently for an upfront payment of $328. On January 2, 2020, Bridgeport Company signed 90 contracts, receiving a total of $46,800 in cash. Bridgeport Bundle B includes the tablet and Internet service plus a service plan for the tablet PC (for any

Bridgeport Company sells tablet PCs combined with Internet service, which permits the tablet to connect to the Internet anywhere and set up a Wi-Fi hot spot. It offers two bundles with the following terms. 1. 2. Bridgeport Bundle A sells a tablet with 3 years of Internet service. The price for the tablet and a 3-year Internet connection service contract is $520. The standalone selling price of the tablet is $238 (the cost to Bridgeport Company is $170). Bridgeport Company sells the Internet access service independently for an upfront payment of $328. On January 2, 2020, Bridgeport Company signed 90 contracts, receiving a total of $46,800 in cash. Bridgeport Bundle B includes the tablet and Internet service plus a service plan for the tablet PC (for any

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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