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Terry Ltd. offers contract PC1 which is comprised of a free-standing video system for small studio use plus installation for a total price $9,600. On a standalone basis, the video system sells for $8,000 (cost $7,000), and Terry estimates that the fair value of the installation service (based on cost-plus estimation) is $2,000. Terry Ltd. signed 30 of PC1 contracts on July 15, 2018, and customers paid the contracts price in cash. The video was delivered and installed on August 30, 2018. Terry Ltd. uses perpetual inventory system to record inventory transactions.
Required:
Question 1: Prepare journal entries for Terry Ltd. for PC1 in July and August 2018 with reference to HKFRS 15 "Revenue from Contracts with Customers".
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