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mutesheep
mutesheep
20.09.2020 • 
Business

JANUARY 28 Reminder of allocations the company has already determined:
• Total contract price = $2,160.
• Amount allocated to sale of dishwasher = $2,000.
• Amount allocated to installation of dishwasher = $100.
Amount allocated to the maintenance contract = $60.
On January 28, the customer pays $1,200 and receives ownership of the dishwasher. According to the terms
of the contract, as of this date:
• $1.100 of the S1,200 received today goes towards the sale of the dishwasher. The remaining $900
owed on the dishwasher is billable as of today.
• $100 of the $1,200 received today is for payment of the installation, in full (which has not occurred
yet)
The amount allocated for the maintenance will only be owed and billable once the dishwasher is
installed (again, this has not occurred yet)
Prepare the appropriate journal entry for January 28 below. Make sure you differentiate between different
forms of earned and uneared revenues, and it is clear which lines are your debits and which are your credits.
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