Question

Martinez Company is involved in the desig n ature, and of wroty w owoducts for construction projects. Hartine recently completed a large contract for studimine, which consisted of building 35 different types of concession counters for a new erarna under construction. The terms of the time that o p tion of the counters, Stadium 2.325,000. Unfortuna de the depressed con , the completion of the new soccer area is now delayed. Studium as there are other h a nding on the completed. Stadium adenowledges wing that it wdered the counters and that they now have and that they have the The them that arti War Com Conny hold the courtes y dependent on when the were isole c artiers received additional progress payments for the counters due to the delay, Stadium has provided a deposit of $43,000 (c) Prepare the many that Martin should b e the time the 3,000 man a t are automatically indeed when amount is entered. Do not indent manually. If no entry is require eleve r for the account and enter for the amounts.)

Answer 1

Accounts	debit	credit
Cash	$     343,000
Accounts receivable	$ 1,983,000
sales		$ 2,326,000
Reason:
revenue is reported:
a. it is probable delivery is made
b.item is ready for delivery and recognized
c.buyer acknowledges deferred delivery arrangement