wood mode company involved design manufacture and installation various types wood products l

FIRST GRADER essay writing company is the ideal place for homework help. If you are looking for affordable, custom-written, high-quality and non-plagiarized papers, your student life just became easier with us. Click the button below to place your order.


Order a Similar Paper Order a Different Paper

Wood Mode Company is involved in the design, manufacture, and installation of various types of wood products for large construction projects. Wood Mode recently completed a large contract for Stadium Inc., which consisted of building 35 different types of concession counters for a new soccer arena under construction. The terms of the contract are that upon completion of the counters, Stadium would pay $2,771,000. Unfortunately, due to the depressed economy, the completion of the new soccer arena is now delayed. Stadium has therefore asked Wood Mode to hold the counters at its manufacturing plant until the arena is completed. Stadium acknowledges in writing that it ordered the counters and that they now have ownership. The time that Wood Mode Company must hold the counters is totally dependent on when the arena is completed. Because Wood Mode has not received additional progress payments for the arena due to the delay, Stadium has provided a deposit of $579,000.

Prepare the journal entry that Wood Mode should make, assuming it signed a valid sales contract to sell the counters and received at the time of sale the $579,000 payment.

Account Titles and Explanation

Debit

Credit

[removed]

[removed]

[removed]

Got stuck with another paper? We can help! Use our paper writing service to score better grades and meet your deadlines.

Get 15% discount for your first order


Order a Similar Paper Order a Different Paper
Writerbay.net