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In September 2025, Ivanhoe Corp. commits to selling 146 of its iPhone-compatible docking stations to Kingbird Co. for $15,330 ($105 per product). The stations are delivered to Kingbird over the next 6 months. After 89 stations are delivered, the contract is modified and Ivanhoe promises to deliver an additional 43 products for an additional $4,300 ($100 per station). All sales are cash on delivery. (a) Your answer is correct. Prepare the journal entry for Ivanhoe for the sale of the first 89 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 Cash Debit 9345 Credit (b) Sales Revenue (To record sales) Cost of Goods Sold Inventory (To record cost of goods sold) eTextbook and Media List of Accounts 4539 9345 4539 Attempts: 1 of 3 used 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 Ivanhoe 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 Debit Credit (To record sales) (To record cost of goods sold)

In September 2025, Ivanhoe Corp. commits to selling 146 of its iPhone-compatible docking stations to Kingbird Co. for $15,330 ($105 per product). The stations are delivered to Kingbird over the next 6 months. After 89 stations are delivered, the contract is modified and Ivanhoe promises to deliver an additional 43 products for an additional $4,300 ($100 per station). All sales are cash on delivery. (a) Your answer is correct. Prepare the journal entry for Ivanhoe for the sale of the first 89 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 Cash Debit 9345 Credit (b) Sales Revenue (To record sales) Cost of Goods Sold Inventory (To record cost of goods sold) eTextbook and Media List of Accounts 4539 9345 4539 Attempts: 1 of 3 used 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 Ivanhoe 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 Debit Credit (To record sales) (To record cost of goods sold)

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter17: Advanced Issues In Revenue Recognition
Section: Chapter Questions
Problem 13E: On March 1, 2019, Elkhart enters into a new contract to build a specialized warehouse for 7 million....
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In September 2025, Ivanhoe Corp. commits to selling 146 of its iPhone-compatible docking stations to Kingbird Co. for $15,330 ($105 per product). The stations are delivered to Kingbird over the next 6 months. After 89 stations are delivered, the contract is modified and Ivanhoe promises to deliver an additional 43 products for an additional $4,300 ($100 per station). All sales are cash on delivery. (a) Your answer is correct. Prepare the journal entry for Ivanhoe for the sale of the first 89 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 Cash Debit 9345 Credit (b) Sales Revenue (To record sales) Cost of Goods Sold Inventory (To record cost of goods sold) eTextbook and Media List of Accounts 4539 9345 4539 Attempts: 1 of 3 used 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 Ivanhoe 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 Debit Credit (To record sales) (To record cost of goods sold)
Transcribed Image Text:In September 2025, Ivanhoe Corp. commits to selling 146 of its iPhone-compatible docking stations to Kingbird Co. for $15,330 ($105 per product). The stations are delivered to Kingbird over the next 6 months. After 89 stations are delivered, the contract is modified and Ivanhoe promises to deliver an additional 43 products for an additional $4,300 ($100 per station). All sales are cash on delivery. (a) Your answer is correct. Prepare the journal entry for Ivanhoe for the sale of the first 89 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 Cash Debit 9345 Credit (b) Sales Revenue (To record sales) Cost of Goods Sold Inventory (To record cost of goods sold) eTextbook and Media List of Accounts 4539 9345 4539 Attempts: 1 of 3 used 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 Ivanhoe 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 Debit Credit (To record sales) (To record cost of goods sold)
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