Crane sells three grain/hay dryers to a local farmer at a total contract price of $41.800. In addition to the dryers, Crane provides installation, which has a standalone selling price of $900 per unit installed. The contract payment also includes a $1.300 maintenance plan for the dryers for 3 years after installation. Crane signs the contract on June 20, 2020, and receives a 20% down payment from the farmer. The dryers are delivered and installed on October 1, 2020, and full payment is made to Crane. Prepare the journal entries for Crane in 2020 related to this arrangement. (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. Round answers to O decimal places, eg. 5,275) Account Titles and Explanation Date Jun. 20, 2020 (To record payment received) (To record sales) (To record cost of goods sold) Debit Credit

Crane sells three grain/hay dryers to a local farmer at a total contract price of $41.800. In addition to the dryers, Crane provides installation, which has a standalone selling price of $900 per unit installed. The contract payment also includes a $1.300 maintenance plan for the dryers for 3 years after installation. Crane signs the contract on June 20, 2020, and receives a 20% down payment from the farmer. The dryers are delivered and installed on October 1, 2020, and full payment is made to Crane. Prepare the journal entries for Crane in 2020 related to this arrangement. (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. Round answers to O decimal places, eg. 5,275) Account Titles and Explanation Date Jun. 20, 2020 (To record payment received) (To record sales) (To record cost of goods sold) Debit Credit

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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