InstructionsOn January 1, 2019, Spring Fashions Inc. enters into a contract with a southeast retail company to provide 500 dresses for $62,500 ($125 per dress) over the next 10 months. OnOctober 1, 2019, after 450 of the dresses had been delivered (50 dresses per month), the contract is modified.Required:1. Fifty dresses were delivered each month for the first 9 months of 2019. Prepare Spring Fashions's monthly journal entry to record revenue.2. Assume that the contract is modified to sell, once the original 500 dresses are delivered, an additional 100 dresses at $110 per dress, which isthe stand-alone selling price on October 1, 2019. Assume the dresses are delivered evenly in November and December 2019. Prepare thejournal entries to record the contract modification. General JournalPrepare journal entries to record a monthly cash sale on January 31 under the original contract and a monthly cash sale on November 30 under the modified contract.General Journal Instructions2AWNDATEGENERAL JOURNALACCOUNT TITLEPOST. REF.DEBITPAGE 1CREDIT

Journal entries are the first step in recording financial transactions. Recording of journal entries…

neral Journal epare journal entries to record a monthly cash sale on January 31 under the original contract and a monthly cash sale on November 30 under the modified cor eneral Journal Instructions 1 2 3 DATE GENERAL JOURNAL ACCOUNT TITLE 4 POST. REF. DEBIT PAGE 1 CREDIT

neral Journal epare journal entries to record a monthly cash sale on January 31 under the original contract and a monthly cash sale on November 30 under the modified cor eneral Journal Instructions 1 2 3 DATE GENERAL JOURNAL ACCOUNT TITLE 4 POST. REF. DEBIT PAGE 1 CREDIT

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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The type of cash discount where the discount period is counted from the date of invoice is ___. a. Ordinary dating b. Credit period c. Receipt of goods d. End of the month
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