Homework Help is Here – Start Your Trial Now!
Business
Accounting
In September 2025, Cullumber Corp. commits to selling 155 of its iPhone-compatible docking stations to Ivanhoe Co. for $14,880 ($96 per product). The stations are delivered to Ivanhoe over the next 6 months. After 95 stations are delivered, the contract is modified and Cullumber promises to deliver an additional 40 products for an additional $3,640 ($91 per station). All sales are cash on delivery. (a) Prepare the journal entry for Cullumber for the sale of the first 95 stations. The cost of each station is $51. (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 Debit Credit (To record sales) (To record cost of goods sold)

In September 2025, Cullumber Corp. commits to selling 155 of its iPhone-compatible docking stations to Ivanhoe Co. for $14,880 ($96 per product). The stations are delivered to Ivanhoe over the next 6 months. After 95 stations are delivered, the contract is modified and Cullumber promises to deliver an additional 40 products for an additional $3,640 ($91 per station). All sales are cash on delivery. (a) Prepare the journal entry for Cullumber for the sale of the first 95 stations. The cost of each station is $51. (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 Debit Credit (To record sales) (To record cost of goods sold)

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
In September 2025, Cullumber Corp. commits to selling 155 of its iPhone-compatible docking stations to Ivanhoe Co. for $14,880 ($96 per product). The stations are delivered to Ivanhoe over the next 6 months. After 95 stations are delivered, the contract is modified and Cullumber promises to deliver an additional 40 products for an additional $3,640 ($91 per station). All sales are cash on delivery. (a) Prepare the journal entry for Cullumber for the sale of the first 95 stations. The cost of each station is $51. (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 Debit Credit (To record sales) (To record cost of goods sold)
Transcribed Image Text:In September 2025, Cullumber Corp. commits to selling 155 of its iPhone-compatible docking stations to Ivanhoe Co. for $14,880 ($96 per product). The stations are delivered to Ivanhoe over the next 6 months. After 95 stations are delivered, the contract is modified and Cullumber promises to deliver an additional 40 products for an additional $3,640 ($91 per station). All sales are cash on delivery. (a) Prepare the journal entry for Cullumber for the sale of the first 95 stations. The cost of each station is $51. (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 Debit Credit (To record sales) (To record cost of goods sold)
Expert Solution
steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
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