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($102 per product). The stations are delivered to Pharoah over the next 6 months. After 84 stations are delivered, the contract is modified and Carla Vista promises to deliver an additional 45 products for an additional $4,365 ($97 per station). All sales are cash on delivery. (a) Your answer is correct. Prepare the journal entry for Carla Vista for the sale of the first 84 stations. The cost of each station is $52. (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.) Account Titles and Explanation Cash Sales Revenue (To record sales) Cost of Goods Sold (b) Inventory (To record cost of goods sold) (To record sales) Debit (To record cost of goods sold) 8568 Il Debit 4368 Credit Prepare the journal entry for the sale of 10 more stations after the contract modification, assuming that the price for the additional stations reflects the standalone selling price at the time of the contract modification. In addition, the additional stations are distinct from the original products as Carla Vista regularly sells the products separately. (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.) Account Titles and Explanation 10 DO AD 8568 Credit 4368 10

($102 per product). The stations are delivered to Pharoah over the next 6 months. After 84 stations are delivered, the contract is modified and Carla Vista promises to deliver an additional 45 products for an additional $4,365 ($97 per station). All sales are cash on delivery. (a) Your answer is correct. Prepare the journal entry for Carla Vista for the sale of the first 84 stations. The cost of each station is $52. (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.) Account Titles and Explanation Cash Sales Revenue (To record sales) Cost of Goods Sold (b) Inventory (To record cost of goods sold) (To record sales) Debit (To record cost of goods sold) 8568 Il Debit 4368 Credit Prepare the journal entry for the sale of 10 more stations after the contract modification, assuming that the price for the additional stations reflects the standalone selling price at the time of the contract modification. In addition, the additional stations are distinct from the original products as Carla Vista regularly sells the products separately. (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.) Account Titles and Explanation 10 DO AD 8568 Credit 4368 10

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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In September 2025, Carla Vista Corp.commits to selling 139 of its iPhone compatible docking stations to Pharoah Co. for $14,178 ($102 per product). The stations are delivered to Pharoah over the next 6 months. After 84 stations are delivered, the contract is modified and Carla Vista promises to deliver an additional 45 products for an additional $4,365 ($97 per station). All sales are cash on delivery. (a) Your answer is correct. Prepare the journal entry for Carla Vista for the sale of the first 84 stations. The cost of each station is $52. (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.) Account Titles and Explanation Cash Sales Revenue (To record sales) Cost of Goods Sold (b) Inventory (To record cost of goods sold) Account Titles and Explanation (To record sales) Debit (To record cost of goods sold) 8568 Debit 4368 Prepare the journal entry for the sale of 10 more stations after the contract modification, assuming that the price for the additional stations reflects the standalone selling price at the time of the contract modification. In addition, the additional stations are distinct from the original products as Carla Vista regularly sells the products separately. (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.) Credit 001 CO D 8568 Credit 4368 [0
Transcribed Image Text:In September 2025, Carla Vista Corp.commits to selling 139 of its iPhone compatible docking stations to Pharoah Co. for $14,178 ($102 per product). The stations are delivered to Pharoah over the next 6 months. After 84 stations are delivered, the contract is modified and Carla Vista promises to deliver an additional 45 products for an additional $4,365 ($97 per station). All sales are cash on delivery. (a) Your answer is correct. Prepare the journal entry for Carla Vista for the sale of the first 84 stations. The cost of each station is $52. (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.) Account Titles and Explanation Cash Sales Revenue (To record sales) Cost of Goods Sold (b) Inventory (To record cost of goods sold) Account Titles and Explanation (To record sales) Debit (To record cost of goods sold) 8568 Debit 4368 Prepare the journal entry for the sale of 10 more stations after the contract modification, assuming that the price for the additional stations reflects the standalone selling price at the time of the contract modification. In addition, the additional stations are distinct from the original products as Carla Vista regularly sells the products separately. (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.) Credit 001 CO D 8568 Credit 4368 [0
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