Required information CP6-4 (Algo) Recording Journal Entry after Allocating Transaction Price to Performance Obligations [LO...
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Required information CP6-4 (Algo) Recording Journal Entry after Allocating Transaction Price to Performance Obligations [LO 6-5] [The following information applies to the questions displayed below.] Great American Oilchange (GAO) sells a combined oil change service and parts package for $52. A customer who supplies the parts (oil and filter) is charged $42 for only the service, whereas a customer who buys only the oil and filter (for do-ityourself use) is charged $42 for the parts. The parts cost GAO \$36. 2. Prepare the journal entry GAO would record if GAO provides a combined oil change service and parts package to a customer on October 7. Assume GAO distinguishes Service Revenue from Sales Revenue arising from the sale of parts, it uses a perpetual inventory system for recording th cost of goods sold, and it collects cash the day the oil change is performed. (If no entry is require for a transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet Record the receipt of service and sales revenues. Note: Enter debits before credits
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Required information CP6-4 (Algo) Recording Journal Entry after Allocating Transaction Price to Performance Obligations [LO 6-5] [The following information applies to the questions displayed below.] Great American Oilchange (GAO) sells a combined oil change service and parts package for $52. A customer who supplies the parts (oil and filter) is charged $42 for only the service, whereas a customer who buys only the oil and filter (for do-ityourself use) is charged $42 for the parts. The parts cost GAO \$36. 2. Prepare the journal entry GAO would record if GAO provides a combined oil change service and parts package to a customer on October 7. Assume GAO distinguishes Service Revenue from Sales Revenue arising from the sale of parts, it uses a perpetual inventory system for recording th cost of goods sold, and it collects cash the day the oil change is performed. (If no entry is require for a transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet Record the receipt of service and sales revenues. Note: Enter debits before credits 