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Current Attempt in Progress Crane Company sells goods that cost $493,500 to Ceradyne Company for $573,000 on January 2, 2025 on account. The sales price includes an installation fee, which is valued at $64,500. The fair value of the goods is $508.500. The installation is considered a separate performance obligation and is expected to take 6 months to complete. (a) Prepare the journal entries (if any) to record the sale on January 2, 2025. (List all debit entries before credit entries. 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 0 for the amounts.) Date Account Titles and Explanation Jan. 2. 2025 Jan. 2, 2025 Date Jan. 2, 2025 Jan. 2, 2025 (To record sales on account) Account Titles and Explanation (To record sales on account) (To record cost of goods sold) Debit Debit Credit Credit 11

Current Attempt in Progress Crane Company sells goods that cost $493,500 to Ceradyne Company for $573,000 on January 2, 2025 on account. The sales price includes an installation fee, which is valued at $64,500. The fair value of the goods is $508.500. The installation is considered a separate performance obligation and is expected to take 6 months to complete. (a) Prepare the journal entries (if any) to record the sale on January 2, 2025. (List all debit entries before credit entries. 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 0 for the amounts.) Date Account Titles and Explanation Jan. 2. 2025 Jan. 2, 2025 Date Jan. 2, 2025 Jan. 2, 2025 (To record sales on account) Account Titles and Explanation (To record sales on account) (To record cost of goods sold) Debit Debit Credit Credit 11

FINANCIAL ACCOUNTING
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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Current Attempt in Progress Crane Company sells goods that cost $493,500 to Ceradyne Company for $573,000 on January 2, 2025 on account. The sales price includes an installation fee, which is valued at $64,500. The fair value of the goods is $508.500. The installation is considered a separate performance obligation and is expected to take 6 months to complete. (a) Prepare the journal entries (if any) to record the sale on January 2, 2025. (List all debit entries before credit entries. 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 0 for the amounts.) Date Account Titles and Explanation Jan. 2. 2025 Jan. 2, 2025 Date Jan. 2, 2025 Jan. 2, 2025 (To record sales on account) Account Titles and Explanation (To record sales on account) (To record cost of goods sold) Debit Debit Credit Credit 1-1
Transcribed Image Text:Current Attempt in Progress Crane Company sells goods that cost $493,500 to Ceradyne Company for $573,000 on January 2, 2025 on account. The sales price includes an installation fee, which is valued at $64,500. The fair value of the goods is $508.500. The installation is considered a separate performance obligation and is expected to take 6 months to complete. (a) Prepare the journal entries (if any) to record the sale on January 2, 2025. (List all debit entries before credit entries. 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 0 for the amounts.) Date Account Titles and Explanation Jan. 2. 2025 Jan. 2, 2025 Date Jan. 2, 2025 Jan. 2, 2025 (To record sales on account) Account Titles and Explanation (To record sales on account) (To record cost of goods sold) Debit Debit Credit Credit 1-1
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