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Current Attempt in Progress Cullumber Tailors sells tablet PCs combined with Internet service, which permits the tablet to connect to the Internet anywhere and set up a Wi-Fi hot spot. It offers two bundles with the following terms. 1. 2. (a) Cullumber Bundle A sells a tablet with 3 years of Internet service. The price for the tablet and a 3-year Internet connection service contract is $477. The standalone selling price of the tablet is $249 (the cost to Cullumber Tailors is $191). Cullumber Tailors sells the Internet access service independently for an upfront payment of $277. On January 2, 2025, Cullumber Tailors signed 110 contracts, receiving a total of $52,470 in cash. Cullumber Bundle B includes the tablet and Internet service plus a service plan for the tablet PC (for any repairs or upgrades to the tablet or the Internet connections) during the 3-year contract period. That product bundle sells for $587. Cullumber Tailors provides the 3-year tablet service plan as a separate product with a standalone selling price of $163. Cullumber Tailors signed 180 contracts for Cullumber Bundle B on July 1, 2025, receiving a total of $105,660 in cash.

Current Attempt in Progress Cullumber Tailors sells tablet PCs combined with Internet service, which permits the tablet to connect to the Internet anywhere and set up a Wi-Fi hot spot. It offers two bundles with the following terms. 1. 2. (a) Cullumber Bundle A sells a tablet with 3 years of Internet service. The price for the tablet and a 3-year Internet connection service contract is $477. The standalone selling price of the tablet is $249 (the cost to Cullumber Tailors is $191). Cullumber Tailors sells the Internet access service independently for an upfront payment of $277. On January 2, 2025, Cullumber Tailors signed 110 contracts, receiving a total of $52,470 in cash. Cullumber Bundle B includes the tablet and Internet service plus a service plan for the tablet PC (for any repairs or upgrades to the tablet or the Internet connections) during the 3-year contract period. That product bundle sells for $587. Cullumber Tailors provides the 3-year tablet service plan as a separate product with a standalone selling price of $163. Cullumber Tailors signed 180 contracts for Cullumber Bundle B on July 1, 2025, receiving a total of $105,660 in cash.

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 Cullumber Tailors sells tablet PCs combined with Internet service, which permits the tablet to connect to the Internet anywhere and set up a Wi-Fi hot spot. It offers two bundles with the following terms. 1. 2. (a) Cullumber Bundle A sells a tablet with 3 years of Internet service. The price for the tablet and a 3-year Internet connection service contract is $477. The standalone selling price of the tablet is $249 (the cost to Cullumber Tailors is $191). Cullumber Tailors sells the Internet access service independently for an upfront payment of $277. On January 2, 2025, Cullumber Tailors signed 110 contracts, receiving a total of $52,470 in cash. Cullumber Bundle B includes the tablet and Internet service plus a service plan for the tablet PC (for any repairs or upgrades to the tablet or the Internet connections) during the 3-year contract period. That product bundle sells for $587. Cullumber Tailors provides the 3-year tablet service plan as a separate product with a standalone selling price of $163. Cullumber Tailors signed 180 contracts for Cullumber Bundle B on July 1, 2025, receiving a total of $105,660 in cash.
Transcribed Image Text:Current Attempt in Progress Cullumber Tailors sells tablet PCs combined with Internet service, which permits the tablet to connect to the Internet anywhere and set up a Wi-Fi hot spot. It offers two bundles with the following terms. 1. 2. (a) Cullumber Bundle A sells a tablet with 3 years of Internet service. The price for the tablet and a 3-year Internet connection service contract is $477. The standalone selling price of the tablet is $249 (the cost to Cullumber Tailors is $191). Cullumber Tailors sells the Internet access service independently for an upfront payment of $277. On January 2, 2025, Cullumber Tailors signed 110 contracts, receiving a total of $52,470 in cash. Cullumber Bundle B includes the tablet and Internet service plus a service plan for the tablet PC (for any repairs or upgrades to the tablet or the Internet connections) during the 3-year contract period. That product bundle sells for $587. Cullumber Tailors provides the 3-year tablet service plan as a separate product with a standalone selling price of $163. Cullumber Tailors signed 180 contracts for Cullumber Bundle B on July 1, 2025, receiving a total of $105,660 in cash.
2025. (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, e.g. 5,125. List all debit entries before credit entries. Record journal entries in the order presented in the problem.) Date an. 2,2025 + an. 2, 2025 Dec. 31, 2025 Account Titles and Explanation Cash Sales Revenue Date Unearned Service Revenue (To record sales) Cost of Goods Sold Inventory (To record cost of goods sold) Unearned Service Revenue Service Revenue Show Transcribed Text Please help with the following journal entries Account Titles and Explanation (To record sales) Debit (To record cost of goods sold) Prepare any journal entries to record the revenue arrangement for Cullumber Bundle B on July 1, 2025, and December 31, 2025. (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 0 decimal places, e.g. 5,125. List all debit entries before credit entries. Record journal entries in the order presented in the problem.) 52470 Debit 21010 9210 Credit Credit 24838 27631 21010 9210
Transcribed Image Text:2025. (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, e.g. 5,125. List all debit entries before credit entries. Record journal entries in the order presented in the problem.) Date an. 2,2025 + an. 2, 2025 Dec. 31, 2025 Account Titles and Explanation Cash Sales Revenue Date Unearned Service Revenue (To record sales) Cost of Goods Sold Inventory (To record cost of goods sold) Unearned Service Revenue Service Revenue Show Transcribed Text Please help with the following journal entries Account Titles and Explanation (To record sales) Debit (To record cost of goods sold) Prepare any journal entries to record the revenue arrangement for Cullumber Bundle B on July 1, 2025, and December 31, 2025. (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 0 decimal places, e.g. 5,125. List all debit entries before credit entries. Record journal entries in the order presented in the problem.) 52470 Debit 21010 9210 Credit Credit 24838 27631 21010 9210
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