On December 31,2014,Woodley Furniture (a retailer)sells a television and a three-year warranty to a customer.Woodley would normally sell the television and warranty separately for $2,000 and $400,respectively.The cost of the television to Woodley is $1,400.As part of a year-end promotion,Woodley sells the television and warranty together for a reduced price of $2,300.The customer pays in full at the point of sale on the contract-signing.date.
Required:
1.Prepare the journal entry required at the contract-signing date.
2.Prepare the entry required when the television is delivered to the customer.

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The Answer of On December 31,2014,Woodley Furniture (a retailer)sells a television and a three-year warranty to a customer.Woodley would normally sell the television and warranty separately for $2,000 and $400,respectively.The cost of the television to Woodley is $1,400.As part of a year-end promotion,Woodley sells the television and warranty together for a reduced price of $2,300.The customer pays in full at the point of sale on the contract-signing.date.
Required:
1.Prepare the journal entry required at the contract-signing date.
2.Prepare the entry required when the television is delivered to the customer.

On December 31,2014,Woodley Furniture (A Retailer)sells a Television and a Three-Year