On november 1, 2018, green valley farm entered into a contract to buy a $150,000 harvester from john deere. the contract required green valley farm to pay $150,000 in advance on november 1, 2018. the harvester (cost of $110,000) was delivered on november 30, 2018. the journal entry to record the delivery of the equipment includes a:

The correct answer is debit to Inventory or Equipment (Harvester) under Fixed Asset for $110,000.

Explanation: The question is incomplete as it is followed by options.

When Green Valley Farm paid the $150,000 initially in advance, it would have to record the following journal entries, since it seems the price was not certain as at the time the contract was consummated:

November 1, 2018:

Debit Asset under construction or Other asset        $150,000

Credit Cash                                                                  $150,000

November 30, 2018:

Debit Inventory or Equipment            $110,000

Debit Cash                                            $40,000

Credit Asset under construction        $150,000

However, in the books of John Deere, the following entries would be recorded:

November 1, 2018:

Debit Cash                                           $150,000

Credit Unearned sales revenue         $150,000

November 30, 2018:

Debit Unearned sales revenue             $150,000

Credit Cash                                              $40,000

Credit Sales revenue                              $110,000

The journal entry to record this transaction should be:

November 1, sale of harvester to Green Valley

Dr Cash 150,000

    Cr Unearned sales revenue 150,000

The journal entry to record the delivery of the harvester should be:

Dr Unearned sales revenue 150,000

    Cr Sales revenue 150,000

Dr Cost of goods sold - harvester 110,000

    Cr Inventory - equipment 110,000

Under the accrual accounting system, money received in advance for the sale of goods or services must be recognized as liabilities, and should be recorded as unearned revenue.

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answer(d) all of the choices are correct;