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Determine for to record cost of goods sold

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Point 1: Ayayai sells three grain/hay dryers to a local farmer at a total contract price of $44,000. In addition to the dryers, Ayayai provides installation, which has a standalone selling price of $1,100 per unit installed. The contract payment also includes a $1,200 maintenance plan for the dryers for 3 years after installation. Ayayai signs the contract on June 20, 2017, and receives a 20% down payment from the farmer. The dryers are delivered and installed on October 1, 2017, and full payment is made to Ayayai.

Question 1: Prepare the journal entries for Ayayai in 2017 related to this arrangement.Account Titles and Explanation

Debit            Credit

Jun. 20, 2017

Oct. 1, 2017

(To record payment received)

(To record sales)

(To record cost of goods sold)

Dec. 31, 2017

Reference no: EM132475260

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