Please answer the circled portion. I have attached a more zoomed in picture but the one with all the questions gives you the background of the story and what is happening. Use a factor table when necessary. Thank you! Culver Company sells total outdoor grilling solutions, providing gas and charcoal grills, accessories, and installation services forcustom patio grilling stationsRespond to the requirements related to the following independent revenue arrangements for Culver products and services.Click here to view factor tableCulver offers contract GM205, which is comprised of a free-standing gas grill for small patio use plus installation to a customer'sgas line for a total price $828. On a standalone basis, the grill sells for $711 (cost $431), and Culver estimates that the standaloneselling price of the installation service (based on cost-plus estimation) is $165. (The selling of the grill and the installation servicesshould be considered two performance obligations) Culver signed 10 GM205 contracts on April 20, 2020, and customers paidthe contract price in cash. The grills were delivered and installed on May 15, 2020. Prepare journal entries for Culver for GM205In April and May 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entryis required, select "No entry for the account titles and enter O for the amounts. Round answers to 0 decimal places, es 5,275)No.(1)Date(2)Account Titles and ExplanationDate(To record sales)(To record cost of goods sold)Culver sells its specialty combination gas/wood-fired grills to local restaurants. Each grill is sold for $1,040 (cost $596) on creditwith terms 3/30, net/90 Prepare the journal entries for the sale of 20 grills on September 1, 2020, and upon payment, assumingthe customer paid on (1) September 25, 2020, and (2) October 15, 2020 Assume the company records sales net. (Credit accountPtitles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry for theaccount titles and enter O for the amounts)Account Titles and ExplanationV(To record sales)(To record cost of goods sold)(To record sales)Debit(To record cost of goods sold)CrecDebitThe State of Kentucky is planning major renovations in its parks during 2020 and enters into a contract with Culver to purchase400 durable, easy maintenance, standard charcoal grills during 2020. The grills are priced at $210 each (with a cost of $160 each),and Culver provides a 5% volume discount if Kentucky purchases at least 290 grills during 2020. On April 17, 2020, Culverdelivered and received payment for 270 grills. Based on prior experience with the State of Kentucky renovation projects, thedelivery of this many grills makes it certain that Kentucky will meet the discount threshold. Prepare the journal entries for Culverfor grills sold on April 17, 2020. Assume the company records sales transaction net. (Credit account titles are automatically indentedwhen the amount is entered. Do not indent manually. If no entry is required, select "No entry for the account titles and enter O for theamounts)Account Titles and Explanation(To record sales)(To record cost of goods sold)eTextbook and MediaList of AccountsDateOn October 1, 2020, Culver sold one of its super deluxe combination gas/charcoal grills to a local builder. The builder plans toinstall it in one of its "Parade of Homes' houses. Culver accepted a 3 year, zero-interest-bearing note with face amount of $5,803The grill has an inventory cost of $2,848. An interest rate of 10% is an appropriate market rate of interest for this customer.Prepare the journal entries on October 1, 2020, and December 31, 2020 (Credit account titles are automatically indented when theamount is entered. Do not indent manually. If no entry is required, select "No entry for the account titles and enter 0 for the amountsRound present value foctor calculations to 5 decimal places, eg 125124 and the final answer to 0 decimal places eg 58,971)Account Titles and Explanationv(To record sales)(To record cost of goods sold)DebiteTextbook and MediaList of AccountsCreditDebitCredit Culver sells its specialty combination gas/wood-fired grills to local restaurants. Each grill is sold for $1,040 (cost $596) on creditwith terms 3/30, net/90. Prepare the journal entries for the sale of 20 grills on September 1, 2020, and upon payment, assumingthe customer paid on (1) September 25, 2020, and (2) October 15, 2020. Assume the company records sales net. (Credit accounttitles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for theaccount titles and enter O for the amounts.)No.(1)(2)DateAccount Titles and Explanation(To record sales)(To record cost of goods sold)(To record sales)(To record cost of goods sold)Debit

Under the net method, the sales revenue is recorded by deducting a discount from the invoice value.…

Culver sells its specialty combination gan/wood fired grills to local restaurants Each grill is sold for $1.040 (cost $596) on credit with terms 3/30, net/90 Prepare the journal entries for the sale of 20 gris on September 1, 2020 and upon payment, assuming the customer paid on (1) September 25, 2020, and (2) October 15, 2020 Assume the company records sales net. (Credit account titles are automatically indented when the amount is entered. Do not indent manually b accounts and enter Ofor the amounts) entry is required select "No entry for the Account Titles and Explanation No. (1) (2) Date (To record sales) (To record cost of goods sold) (To record sales) (To record cost of goods sold) Debit

Culver sells its specialty combination gan/wood fired grills to local restaurants Each grill is sold for $1.040 (cost $596) on credit with terms 3/30, net/90 Prepare the journal entries for the sale of 20 gris on September 1, 2020 and upon payment, assuming the customer paid on (1) September 25, 2020, and (2) October 15, 2020 Assume the company records sales net. (Credit account titles are automatically indented when the amount is entered. Do not indent manually b accounts and enter Ofor the amounts) entry is required select "No entry for the Account Titles and Explanation No. (1) (2) Date (To record sales) (To record cost of goods sold) (To record sales) (To record cost of goods sold) Debit

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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