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What journal entries will johnson make in june and july

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Johnson Appliance Company sells walk-in freezers on a standalone basis. Johnson also sells installation services and maintenance services for the walk-in freezers. When maintenance services are provided, the maintenance service is separately priced within the arrangement at $600, which approximates the amount charged by independent third parties.

  • On June 21, 2020, a customer purchased a refrigerator, including maintenance and installation, for $4,500. The refrigerator purchased alone would have cost the customer $4,200. If the installation had been done by an outside party, they would have charged $450.
  • The customer pays cash on June 21, but asks to have the refrigerator delivered on on July 1. At that time, it is successfully installed. The maintenance contract covers two years from the installation date.

Problem 1: What journal entries will Johnson make in June and July 2020 regarding this transaction?

Reference no: EM132775771

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