Please do not give solution in image format ? And Fast answering please and explain proper steps by Step. Sheridan Appliance Co. manufactures low-price, no-frills appliances that are in great demand for rental units. Pricing and costinformation on Sheridan's main products are as follows.ItemRefrigeratorRangeStackable washer/dryer unitCustomers can contract a purchase either individually at the stated prices or for a three-item bundle with a price of $2,000. Thebundle price includes delivery and installation. Sheridan provides delivery and installation as a stand-alone service for any of itsproducts for $70. The company follows IFRS.Respond to the requirements related to the following independent revenue arrangements for Sheridan.(a)Stand-Alone Selling Price (Cost)$530 ($240)$630 ($300)$800 ($430)On June 1, 2023, Sheridan sold 70 washer/dryer units without installation to Carla Vista Rentals for $56,000 (on credit). CarlaVista is a newer customer and is unsure of how this product will work in its older rental units. Sheridan offers a 60-day returnprivilege and estimates, based on prior experience with sales of this product, that 4% of the units will be returned. Prepare thejournal entries for the sale and related cost of goods sold on June 1, 2023. (Credit account titles are automatically indented when theamount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Listall debit entries before credit entries.)Account Titles and ExplanationDateJune 1, 2023June 1, 2023(To record sale on account)(To record cost of goods sold)DebitCredit

Journal Entry is the primary step to record the transaction in the books of accounts.Sales can be on…

On June 1, 2023, Sheridan sold 70 washer/dryer units without installation to Carla Vista Rentals for $56,000 (on credit). Carla Vista is a newer customer and is unsure of how this product will work in its older rental units. Sheridan offers a 60-day return privilege and estimates, based on prior experience with sales of this product, that 4% of the units will be returned. Prepare the journal entries for the sale and related cost of goods sold on June 1, 2023. (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.)

On June 1, 2023, Sheridan sold 70 washer/dryer units without installation to Carla Vista Rentals for $56,000 (on credit). Carla Vista is a newer customer and is unsure of how this product will work in its older rental units. Sheridan offers a 60-day return privilege and estimates, based on prior experience with sales of this product, that 4% of the units will be returned. Prepare the journal entries for the sale and related cost of goods sold on June 1, 2023. (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.)

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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