Dd.33. 6.On May 1, 2025, Cullumber Company enters into a contract to transfer a product to Gary Company on September 30, 2025. It isagreed that Gary will pay the full price of $24,040 in advance on June 15, 2025. Gary pays on June 15, 2025, and Cullumber deliversthe product on September 30, 2025. Prepare the journal entries required for Cullumber in 2025. (Credit account titles are automaticallyindented when the amount is entered. Do not indent manually. If no entry is required, select "No entry for the account titles and enter O for theamounts. List all debit entries before credit entries. Record journal entries in the order presented in the problem.)7.Date10Account Titles and ExplanationAmounts Reported in IncomeBlossom Company sold 11,000 Super-Spreaders on December 31, 2025, at a total price of $1,188.000, with a warranty guarantee thatthe product was free of any defects. The cost of the spreaders sold is $627,000. The assurance warranties extend for a 2-year periodand are estimated to cost $37,300. Blossom also sold extended warranties (service-type warranties) related to 2.200 spreaders for 2years beyond the 2-year period for $13.200. Given this information, determine the amounts to report for the following at December31, 2025: sales revenue, warranty expense, unearned warranty revenue, warranty liability, and cash.Amounts Reported on the Balance SheetDebit$Credit

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6. On May 1, 2025, Cullumber Company enters into a contract to transfer a product to Gary Company on September 30, 2025. It is agreed that Gary will pay the full price of $24,040 in advance on June 15, 2025. Gary pays on June 15, 2025, and Cullumber delivers the product on September 30, 2025. Prepare the journal entries required for Cullumber in 2025. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry for the account titles and enter O for the amounts. List all debit entries before credit entries. Record journal entries in the order presented in the problem) Date Account Titles and Explanation Debit Credit

6. On May 1, 2025, Cullumber Company enters into a contract to transfer a product to Gary Company on September 30, 2025. It is agreed that Gary will pay the full price of $24,040 in advance on June 15, 2025. Gary pays on June 15, 2025, and Cullumber delivers the product on September 30, 2025. Prepare the journal entries required for Cullumber in 2025. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry for the account titles and enter O for the amounts. List all debit entries before credit entries. Record journal entries in the order presented in the problem) Date Account Titles and Explanation Debit Credit

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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