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On January 1, 2020, Sheridan Co. enters into a contract to sell a customer a wiring base and a shelving unit that sits on the base in exchange for $3,300. The contract requires delivery of the base first but states that payment for the base will not be made until the shelving unit is delivered. Sheridan identifies two performance obligations and allocates $1,550 of the transaction price to the wiring base and the remainder to the shelving unit. The cost of the wiring base is $1,150; the shelves have a cost of $440.
Question 1: Prepare the journal entry on January 1, 2020, for Sheridan.
Question 2: Prepare the journal entries on February 5, 2020, for Sheridan when the wiring base is delivered to the customer.(To record sales)
(To record cost of goods sold)
Question 3: Prepare the journal entries on February 25, 2020, for Sheridan when the shelving unit is delivered to the customer and Sheridan receives full payment. (To record sales)(To record cost of goods sold)
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