2. Haines Heating sold an HVAC system to a customer for $35,000 on January 1. As part of the contract, Haines will p...
|
2. Haines Heating sold an HVAC system to a customer for $35,000 on
January 1. As part of the contract, Haines will provide "free"
maintenance support for the first year. Haines sells the same
system without maintenance support for $30,000 and a stand-along
maintenance contract for $10,000. Prepare Haine's journal entry to record the sale of the HVAC system. |
Homework Answers
| Date | Accounts | Debit | Credit |
| January 1 | Cash | $35,000 | |
| Sales revenue (35000*30000/(30000+10000) | $26,250 | ||
| Unearned service revenue | $8,750 |
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