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

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter17: Advanced Issues In Revenue Recognition

Section: Chapter Questions

Problem 19E: Rix Company sells home appliances and provides installation and service for its customers. On April...

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