Repeat the requirements for part (a), assuming that Bonita Company has no reliable data with which to estimate the standaloneselling price for the Internet service. (Credit account titles are automatically indented when the amount is entered. Do not indentmanually. If no entry is required, select "No entry" for the account titles and enter O for the amounts. Round answers to 0 decimal places,e.g. 5,125.)DateAccount Titles and ExplanationDebitCredit(To record sales)(To record cost of goods sold) Bonita Company sells tablet PCs combined with Internet service, which permits the tablet to connect to the Internet anywhere andset up a Wi-Fi hot spot. It offers two bundles with the following terms.1.Bonita Bundle A sells a tablet with 3 years of Internet service. The price for the tablet and a 3-year Internet connectionservice contract is $506. The standalone selling price of the tablet is $234 (the cost to Bonita Company is $167). BonitaCompany sells the Internet access service independently for an upfront payment of $324. On January 2, 2020, BonitaCompany signed 90 contracts, receiving a total of $45,540 in cash.Bonita Bundle B includes the tablet and Internet service plus a service plan for the tablet PC (for any repairs or upgrades tothe tablet or the Internet connections) during the 3-year contract period. That product bundle sells for $612. BonitaCompany provides the 3-year tablet service plan as a separate product with a standalone selling price of $155. BonitaCompany signed 190 contracts for Bonita Bundle B on July 1, 2020, receiving a total of $116,280 in cash.2.

Repeat the requirements for part (a), assuming that Bonita Company has no reliable data with which to estimate the standalone selling price for the Internet service. (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. Round answers to O decimal places, e.g. 5,125.) Date Account Titles and Explanation Debit Credit

Repeat the requirements for part (a), assuming that Bonita Company has no reliable data with which to estimate the standalone selling price for the Internet service. (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. Round answers to O decimal places, e.g. 5,125.) Date Account Titles and Explanation Debit 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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Journalize the entries for the following transactions. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. (Note: The company uses a clearinghouse to take care of all bank as well as non-bank credit cards used by its customers.) Mar. 1 Sold merchandise for cash, $116,300. The cost of the merchandise sold was $72,000. 10 Sold merchandise on account, $755,000. The cost of the merchandise sold was $400,000. 12 17 31 Sold merchandise to customers who used MasterCard and VISA, $1,950,000. The cost of the merchandise sold was $1,250,000. Sold merchandise to customers who used American Express, $330,000. The cost of the merchandise sold was $230,000. Paid $81,500 to National Clearing House Credit Co. for service fees for processing MasterCard, VISA, and American…
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