Homework Help is Here – Start Your Trial Now!
Business
Accounting
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) 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 (To record sales) (To record cost of goods sold) Debit Credit

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) 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 (To record sales) (To record cost of goods sold) Debit Credit

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

Gadubhai 

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) 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 (To record sales) (To record cost of goods sold) Debit Credit
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) 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 (To record sales) (To record cost of goods sold) Debit Credit
Expert Solution
steps

Step by step

Solved in 4 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Revenue Recognition
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS