Hill, Johns & Thomas is a full-service technology company. They provide equipment, installation services as well as training. Customers can purchase any product or service separately or as a bundled package. National Corporation purchased computer equipment, installation and training for a total cost of $136125 on March 15, 2018. Estimated standalone fair values of the equipment, installation and training are $73500, $67200 and $40800 respectively. The journal entry to record the transaction on March 15, 2018 will include a OA) credit to Sales Revenue for $136,125. B) debit to Unearned Service Revenue of $40,800. OC) credit to Unearned Service Revenue of $30,600. D) credit to Service Revenue of $67,200.

Hill, Johns & Thomas is a full-service technology company. They provide equipment, installation services as well as training. Customers can purchase any product or service separately or as a bundled package. National Corporation purchased computer equipment, installation and training for a total cost of $136125 on March 15, 2018. Estimated standalone fair values of the equipment, installation and training are $73500, $67200 and $40800 respectively. The journal entry to record the transaction on March 15, 2018 will include a OA) credit to Sales Revenue for $136,125. B) debit to Unearned Service Revenue of $40,800. OC) credit to Unearned Service Revenue of $30,600. D) credit to Service Revenue of $67,200.

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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