On August 3,Year 1,Grace Electric Supply agreed to manufacture and supply 650 electrical control units for a particular customer who deposited $136,500 toward the purchase price upon signing the one-year purchase agreement,which set the selling price of each control unit at $1,050.In December Year 1,125 units were delivered to the customer and the remaining units were delivered in January Year 2.The customer pays in cash upon delivery for any units not covered by the deposit.
A) Record the journal entry to record the receipt of the custamer deposit during Year 1.

Question

On August 3,Year 1,Grace Electric Supply agreed to manufacture and supply 650 electrical control units for a particular customer who deposited $136,500 toward the purchase price upon signing the one-year purchase agreement,which set the selling price of each control unit at $1,050.In December Year 1,125 units were delivered to the customer and the remaining units were delivered in January Year 2.The customer pays in cash upon delivery for any units not covered by the deposit.
 A) Record the journal entry to record the receipt of the custamer deposit during Year 1.

Quizplus · Accepted Answer

The Answer of On August 3,Year 1,Grace Electric Supply agreed to manufacture and supply 650 electrical control units for a particular customer who deposited $136,500 toward the purchase price upon signing the one-year purchase agreement,which set the selling price of each control unit at $1,050.In December Year 1,125 units were delivered to the customer and the remaining units were delivered in January Year 2.The customer pays in cash upon delivery for any units not covered by the deposit.
 A) Record the journal entry to record the receipt of the custamer deposit during Year 1.

On August 3,Year 1,Grace Electric Supply Agreed to Manufacture and Supply