Business, 06.05.2020 02:25 campbelldean

On December 31, 2020, Sheffield Company sells equipment to Tabor Inc. for $126,400. Sheffield 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, 2020. Sheffield estimates the prices to be $123,000 for the equipment and $3,400 for the cost of the warranty.
Required:
1. Prepare the journal entry to record this transaction on December 31, 2020.

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On December 31, 2020, Sheffield Company sells equipment to Tabor Inc. for $126,400. Sheffield includ...

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