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Stand-alone selling prices

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Reference no: EM133198277

Style It (Pty) Limited signed a contract with Joey (the customer) on the 1 June 2020. The terms of the contract included the following:

- Style It (Pty) Ltd would supply and install a Jacuzzi on the 1 July 2020 after which it would be required to supply and install an shower in the bathroom

- The customer promised consideration of R25 000 payable by the 30th of September at the latest after both the jacuzzi and shower are installed.

- The contract is cancellable in the event of non-performance

- The stand-alone selling prices for the supplied and fitted products are as follows:

- Jacuzzi R20 000

- Shower R5 000

- Style It (Pty) Ltd supplied and installed the jacuzzi on the 1st of July as agreed and the shower on the 5th of August.

- Amount owing by Joey is paid over on the 25 September 2020.

Required:

Prepare the journal entries for the year ended 31st December 2020 in respect of the above transactions in the books of Style It (Pty) Ltd.
Marks will be awarded for dates and narrations.

Reference no: EM133198277

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