Cullumber Appliance Co. manufactures low-price, no-frills appliances that are in great demand for rental units. Pricing and cost information on Cullumber's main products are as follows. Refrigerator Range Stackable washer/dryer unit Item Customers can contract to purchase either individually at the stated prices or a three-item bundle with a price of $1,830. The bundle price includes delivery and installation. Cullumber also provides installation (not a separate performance obligation). No. Respond to the requirements related to the following independent revenue arrangements for Cullumber Appliance Co. Windsor Property Managers operates upscale student apartment buildings. On May 1, 2025, Cullumber signs a contract with Windsor for 320 appliance bundles to be delivered and installed in one of its new buildings. Windsor pays 20% cash at contract signing and will pay the balance upon installation no later than August 1, 2025. Prepare journal entries for Cullumber on (1) May 1, 2025, and (2) August 1, 2025, when all appliances are installed. (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. List all debit entries before credit entries. Record journal entries in the order presented in the problem.) (1) (2) Standalone Selling Price (Cost) $510 ($260) 570 (280) 710 (390) Date Account Titles and Explanation (To record sales) (To record cost of goods sold) Debit Credit SUPP
Cullumber Appliance Co. manufactures low-price, no-frills appliances that are in great demand for rental units. Pricing and cost information on Cullumber's main products are as follows. Refrigerator Range Stackable washer/dryer unit Item Customers can contract to purchase either individually at the stated prices or a three-item bundle with a price of $1,830. The bundle price includes delivery and installation. Cullumber also provides installation (not a separate performance obligation). No. Respond to the requirements related to the following independent revenue arrangements for Cullumber Appliance Co. Windsor Property Managers operates upscale student apartment buildings. On May 1, 2025, Cullumber signs a contract with Windsor for 320 appliance bundles to be delivered and installed in one of its new buildings. Windsor pays 20% cash at contract signing and will pay the balance upon installation no later than August 1, 2025. Prepare journal entries for Cullumber on (1) May 1, 2025, and (2) August 1, 2025, when all appliances are installed. (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. List all debit entries before credit entries. Record journal entries in the order presented in the problem.) (1) (2) Standalone Selling Price (Cost) $510 ($260) 570 (280) 710 (390) Date Account Titles and Explanation (To record sales) (To record cost of goods sold) Debit Credit SUPP
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Cullumber Appliance Co. manufactures low-price, no-frills appliances that are in great demand for rental units. Pricing and cost information on Cullumber's main products are as follows.
Refrigerator
Range
Stackable washer/dryer unit
Item
Customers can contract to purchase either individually at the stated prices or a three-item bundle with a price of $1,830. The bundle price includes delivery and installation. Cullumber also
provides installation (not a separate performance obligation).
No.
Respond to the requirements related to the following independent revenue arrangements for Cullumber Appliance Co.
Windsor Property Managers operates upscale student apartment buildings. On May 1, 2025, Cullumber signs a contract with Windsor for 320 appliance bundles to be delivered and
installed in one of its new buildings. Windsor pays 20% cash at contract signing and will pay the balance upon installation no later than August 1, 2025. Prepare journal entries for
Cullumber on (1) May 1, 2025, and (2) August 1, 2025, when all appliances are installed. (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. List all debit entries before credit entries. Record journal entries in the order presented in the problem.)
(1)
(2)
Standalone
Selling Price (Cost)
$510 ($260)
570 (280)
710 (390)
Date
Account Titles and Explanation
(To record sales)
(To record cost of goods sold)
Debit
Credit
SUPP
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