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Prepare any journal entries to record revenue arrangement

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Reference no: EM132672786

iDevice Sellers sells iDevice (a smartphone) combined with Internet service, which permits the tablet to connect to the Internet anywhere and set up a Wi-Fi hot spot, and a service plan. It offers a single bundle with the following terms:

  • iDevice bundle sells an iDevice with 2-years of Internet service and a service plan for the iDevice (for any repairs or upgrades to the tablet or the internet service) during the 2-year contract period. The product bundle sells for $700. The standalone selling price of the iDevice is $380 (the cost to iDevice Sellers $240). iDevice Sellers sells the Internet service independently for an upfront payment of $270. Additionally, the stand-alone price of the service plan is $160. On March 1, 2020, iDevice Sellers signed 100 contracts, receiving a total of $70,000 in cash.

Problem 1: Prepare any journal entries to record the revenue arrangement for the iDevice bundle on March 1, 2020.

Reference no: EM132672786

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