Great American Oilchange (GAO) sells a combined oil change service and parts package for $40. A customer who supplies the parts (oil and filter) is charged $30 for only the service, whereas a customer who buys only the oil and filter (for do-it-yourself use) is charged $30 for the parts. The parts cost GAO $24. CP6-4 (Algo) Part 2 :. Prepare the journal entry GAO would record if GAO provides a combined oil change service and parts package to a customer on October 7. Assume GAO distinguishes Service Revenue from Sales Revenue arising from the sale of part uses a perpetual inventory system for recording the cost of goods sold, and it collects cash the day the oil change is performed. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

Great American Oilchange (GAO) sells a combined oil change service and parts package for $40. A customer who supplies the parts (oil and filter) is charged $30 for only the service, whereas a customer who buys only the oil and filter (for do-it-yourself use) is charged $30 for the parts. The parts cost GAO $24. CP6-4 (Algo) Part 2 :. Prepare the journal entry GAO would record if GAO provides a combined oil change service and parts package to a customer on October 7. Assume GAO distinguishes Service Revenue from Sales Revenue arising from the sale of part uses a perpetual inventory system for recording the cost of goods sold, and it collects cash the day the oil change is performed. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

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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am. 113.