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Prepare the journal entries for abc

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ABC Ranch & Farm is a distributor of ranch and farm equipment. Its products range from small tools, power equipment for trench-digging and fencing, grain dryers, and barn winches. Most products are sold direct via its company catalogue and internet site. However, given some of its speciality products, select farm implement stores carry ABC's products. Pricing and cost information on three of ABC's most popular products are as follows

ITEM Standalone selling price (cost)

Mini - trencher $3,600 ($2,000)

Power fence hole auger $1,200 ($800)

Grain/hay dryer $14,000 ($11,000)

  • ABC sells three grain/hay dryers to a local farmer at a total contract price of $45,200. In addition to the dryers ABC provides installation which has a standalone selling price of $1,000 per unit installed. The contract payment also includes a $1,200 maintenance plan for the dryers for 3 years after installation. ABC signs the contract on June 20, 2019 and receives a 20% down payment from the farmer. The dryers are delivered and installed on October 1 2019 and full payment is made to ABC.

Required:

Problem 1: Prepare the journal entries for ABC in 2019 related to this arrangement.

Reference no: EM132696577

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