1. ABC offers a standard contract (referred to as MC100) which is comprised of a...
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1. ABC offers a standard contract (referred to as MC100) which is comprised of a free-standing gas grill for small patio use plus installation to a customers gas line for a total price $950.
On a standalone basis, the grill sells for $800 (cost $470), and management estimates that the fair value of the installation service (based on cost-plus estimation) is $200.
ABC signed 15 MC100 contracts on May 30, 2016, and the 15 customers paid the contract price in cash.
The grills were delivered and installed on June 15, 2016.
Using the attached T-account template, prepare journal entries for ABC for their MC100 contracts in May and June 2016.
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