Please record the following journal entries 1. On December 2, a customer signs a contract to...

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Accounting

Please record the following journal entries
1. On December 2, a customer signs a contract to buy anequipment and service plan bundle with cash. The equipment normallysells for $280 and is bundled with an 18-month service plan, whichusually sells for $50 per month. The price for the bundle is $1030and the cost of the equipment to Smart Touch is $150. Smart Touchuses the perpetual inventory method and a relative sales valuebasis approach to allocate revenue between the equiment and theservice plan. Round intermediary values to one decimal place andround final values to the nearest whole dollar.
2. On December 7, Smart Touch delivers equipment to asmall retailer on consignment. The cost of the equipment was $1,590and the combined retail selling price is $2,000. If the retail shopsells the equipment, Smart Touch will pay 20% commission. Bothcompanies use a perpetual inventory method.
3. On December 10, Smart Touch receives notificationthat APA Corp. from the November 21st transaction has gone out ofbusiness. Smart Touch estimates $4,500 allowance for uncollectibleaccounts and the bad debt expense, assuming that the company willnot pay their balance owed.
4. On December 10, paid for inventory purchased onDecember 1.
5. On December 28, received notification that theconsignee sold the inventory that was delivered on December7.
6. On December 31, determined that APA will not bepaying their outstanding balance. Wrote off the total amount of baddebt from APA Corp.
7. Issued a bond on December 31 with a face value of$51,000 at a stated annual interest rate of 5% and a market annualinterest rate of 7%. The bonds mature in 10 years and interest ispaid annually at the end of the period. Round all balances to thenearest whole dollar.

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Answer to Q1 Journal entry Dec2nd Cash Ac 1180 To Sales Ac 1180 Answer to Q2 Dec 7th Accounts Receivable ac 2000 To Sales Revenue ac 2000 Cost of goods sold equipment ac 1590 Merchandise Inventory ac 1590 Answer to Q3 See Answer

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Please record the following journal entries1. On December 2, a customer signs a contract to buy anequipment and service plan bundle with cash. The equipment normallysells for $280 and is bundled with an 18-month service plan, whichusually sells for $50 per month. The price for the bundle is $1030and the cost of the equipment to Smart Touch is $150. Smart Touchuses the perpetual inventory method and a relative sales valuebasis approach to allocate revenue between the equiment and theservice plan. Round intermediary values to one decimal place andround final values to the nearest whole dollar.2. On December 7, Smart Touch delivers equipment to asmall retailer on consignment. The cost of the equipment was $1,590and the combined retail selling price is $2,000. If the retail shopsells the equipment, Smart Touch will pay 20% commission. Bothcompanies use a perpetual inventory method.3. On December 10, Smart Touch receives notificationthat APA Corp. from the November 21st transaction has gone out ofbusiness. Smart Touch estimates $4,500 allowance for uncollectibleaccounts and the bad debt expense, assuming that the company willnot pay their balance owed.4. On December 10, paid for inventory purchased onDecember 1.5. On December 28, received notification that theconsignee sold the inventory that was delivered on December7.6. On December 31, determined that APA will not bepaying their outstanding balance. Wrote off the total amount of baddebt from APA Corp.7. Issued a bond on December 31 with a face value of$51,000 at a stated annual interest rate of 5% and a market annualinterest rate of 7%. The bonds mature in 10 years and interest ispaid annually at the end of the period. Round all balances to thenearest whole dollar.