Make the journal entry for the sale and post to the proper

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A large portion of the business is custom-made furniture that requires a 50% down payment, with the remaining balance payable upon delivery (unless credit has been extended to the client). Each custom order is assigned a job number. Sales Revenue is recognized with each payment, and all material costs are expensed to Purchases using that job number.

Question 1: Ian met with Janet Martinez. She signed a contract for a custom-built table and chair to be used in her hallway. The amount was $1176.60 (including sales tax). The furniture is to be delivered in one week. Janet paid cash in full (Form 13). This will be Job #133 for reference purposes. Make the journal entry for the sale and post to the proper G/L accounts.

Question 2: Delivered custom furniture for Janet Martinez on Job #133. Make the journal entry.

Reference no: EM132606906

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