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question exercise 18a 20 on december 31 2014 grando company sells production equipme 4280026

Question

Exercise 18A-20

On December 31, 2014, Grando Company sells production equipment to Fargo Inc. for $80,000. Grando includes a 1-year assurance warranty service with the sale of all its equipment. The customer receives and pays for the equipment on December 31, 2014. Grando estimates the prices to be $78,080 for the equipment and $1,920 for the cost of the warranty.

Account Titles and Explanation

Debit

Credit

Account Titles and Explanation

Debit

Credit

 

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