Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. on january 1, 2017, sue fashions inc. enters into

On January 1, 2017, Sue Fashions Inc. enters into a contract with a regional retail...

80.2K

Verified Solution

Question

Accounting

image

On January 1, 2017, Sue Fashions Inc. enters into a contract with a regional retail company to provide 500 blouses for $20,000 over the next 10 months. On September 1, 2017, after 400 of the blouses had been delivered (50 blouses per month), the contract is modified. Required: a. Fifty blouses were delivered each month for the first 8 months of 2017. Prepare Sue Fashions's monthly journal entry to record revenue. b. Assume that the contract is modified on September 1 to sell, once the original 500 blouses are delivered, an additional 100 blouses at $35 per blouse, which is the stand-alone selling price on October 1, 2017. The additional blouses are to be delivered in November. Prepare the November journal entry to record the contract modification. c. Assume instead that the contract is modified on September 1 to alter the price of the additional 100 blouses to $35 per blouse, which is the stand-alone selling price on October 1, 2017. Assume the blouses are delivered evenly on September 1 and October 1, 2017. Prepare the journal entries for September and October to record this contract modification

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

The following table shows the number of cars sold last month by six dealers at Centreville...

Statistics
Q

Explain and give some examples on the change efforts for first order change and second order...

Operations Management
Q

Illustration 7 A mixture containing hydrogen and oxygen is having a volume 2000 cm temperature...

Physics
Q

One pipe can fill a swimming pool 2.8 times faster than a second pipe. If...

Basic Math
Q

This problem concerns the vector space P2 of all polynomials p RR of degree at...

Algebra
Q

A five-year annuity that makes 30 bimonthly payments of $7,800 will begin 6 years from...

Accounting
Q

Dirth Company sells only one product at a regular price of $7.50 per unit. Variable...

Accounting
Q

beta electronics has 10,000 shares of three dollar par common stock outstanding which were issued...

Accounting
Q

bbsbsn

Accounting
Q

Incorrect. ASC Topic 360 requires an impairment loss be recognized if the sum of the...

Accounting
Q

Fill these charts out: General Mills 2020...

Finance
Q

Use the information below for the Michigan Auto Corporation (MAC) to answer the following questions....

Finance