Date Account Titles and Explanation Debit Credit Apr. 20, 2014 May 15, 2014 (To
ID: 2493318 • Letter: D
Question
Date
Account Titles and Explanation
Debit
Credit
Apr. 20, 2014
May 15, 2014
(To record revenue)
May 15, 2014
(To record cost of goods sold)
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(b)
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(c1)
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(d)
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Grill Master offers contract GM205, which is comprised of a free-standing gas grill for small patio use plus installation to a customer’s gas line for a total price $850. On a standalone basis, the grill sells for $750 (cost $415), and Grill Master estimates that the fair value of the installation service (based on cost-plus estimation) is $135. Grill Master signed 17 GM205 contracts on April 20, 2014, and customers paid the contract price in cash. The grills were delivered and installed on May 15, 2014.Prepare journal entries for Grill Master for GM205 in April and May 2014. (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 0 for the amounts. Round answers to 0 decimal places, e.g. 5,275.)
Date
Account Titles and Explanation
Debit
Credit
Apr. 20, 2014
May 15, 2014
(To record revenue)
May 15, 2014
(To record cost of goods sold)
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Explanation / Answer
Standalone price
Proportion
Price paid
Allocation
Grill
750
84.75%
850
720
Installation
135
15.25%
130
885
850
Journal entries
Date
Accounts
Debit
Credit
April 20
Account receivable
850
To unearned revenue
850
May 15
Unearned revenue
850
To grill revenue
720
To installation revenue
130
Cash
850
To Account receivable
850
Standalone price
Proportion
Price paid
Allocation
Grill
750
84.75%
850
720
Installation
135
15.25%
130
885
850
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