The State of Kentucky is planning major renovations in its parks during 2020 and enters into a contract with Sage to purchase 440durable, easy maintenance, standard charcoal grills during 2020. The grills are priced at $190 each (with a cost of $168 each), andSage provides a 6% volume discount if Kentucky purchases at least 300 grills during 2020. On April 17, 2020, Sage delivered andreceived payment for 280 grills. Based on prior experience with the State of Kentucky renovation projects, the delivery of thismany grills makes it certain that Kentucky will meet the discount threshold. Prepare the journal entries for Sage for grills sold onApril 17, 2020. Assume the company records sales transaction net. (Credit account titles are automatically indented when the amountis entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts.)Account Titles and ExplanationDebitCredit(To record sales)(To record cost of goods sold) Sage Company sells total outdoor grilling solutions, providing gas and charcoal grills, accessories, and installation services for custompatio grilling stations.Respond to the requirements related to the following independent revenue arrangements for Sage products and services.

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The State of Kentucky is planning major renovations in its parks during 2020 and enters into a contract with Sage to purchas durable, easy maintenance, standard charcoal grills during 2020. The grills are priced at $190 each (with a cost of $168 each) Sage provides a 6% volume discount if Kentucky purchases at least 300 grills during 2020. On April 17, 2020, Sage delivered received payment for 280 grills. Based on prior experience with the State of Kentucky renovation projects, the delivery of thi many grills makes it certain that Kentucky will meet the discount threshold. Prepare the journal entries for Sage for grills sole April 17, 2020. Assume the company records sales transaction net. (Credit account titles are automatically indented when the an is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts.)

The State of Kentucky is planning major renovations in its parks during 2020 and enters into a contract with Sage to purchas durable, easy maintenance, standard charcoal grills during 2020. The grills are priced at $190 each (with a cost of $168 each) Sage provides a 6% volume discount if Kentucky purchases at least 300 grills during 2020. On April 17, 2020, Sage delivered received payment for 280 grills. Based on prior experience with the State of Kentucky renovation projects, the delivery of thi many grills makes it certain that Kentucky will meet the discount threshold. Prepare the journal entries for Sage for grills sole April 17, 2020. Assume the company records sales transaction net. (Credit account titles are automatically indented when the an is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts.)

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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