Crane offers contract BM205, which consists of a free-standing gas barbecue for small patio use plus installation to a customer's gas line for a total price of $910. On a stand-alone basis, the barbecue sells for $800 (cost $450), and Crane estimates that the fair value of the installation service (based on cost-plus estimation) is $160. Crane signed 9 BM205 contracts on April 20, 2023, and customers paid the contract price in cash. The barbecues were delivered and installed on May 15, 2023. Prepare journal entries for Crane for BM205 in April and May 2023. (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. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) Account Titles and Explanation Date Debit Cred

Crane offers contract BM205, which consists of a free-standing gas barbecue for small patio use plus installation to a customer's gas line for a total price of $910. On a stand-alone basis, the barbecue sells for $800 (cost $450), and Crane estimates that the fair value of the installation service (based on cost-plus estimation) is $160. Crane signed 9 BM205 contracts on April 20, 2023, and customers paid the contract price in cash. The barbecues were delivered and installed on May 15, 2023. Prepare journal entries for Crane for BM205 in April and May 2023. (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. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) Account Titles and Explanation Date Debit Cred

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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