Please list all of the journal entries for 2022 the ZARA UNIVERSITY Contract. Your company name is PP. See below information: On December 1, PP signed a contract with ZARA University to provide them with 905 scooters, at a price of $655 each. ZARA University chose not to purchase the additional maintenance service. Because PP had a great sales year, they did not have any scooters in stock on December 1. ZARA University offered a bonus plan for early delivery. They will pay a 4% bonus if all scooters are delivered by the end of January, 3% if all scooters are delivered by the end of February, and 2% if all scooters are delivered by the end of March. It believes that it is 45% likely that it can deliver the remaining scooters in January, 40% likely that it will deliver them in February, 10% likely that it will deliver them in March, and 5% likely it will deliver them in April. PP delivered and was paid for 195 scooters during the month of December. Hint: Consider using the “Estimated Bonus" account. The analysis of the first four steps in the revenue recognition process are below:

Please list all of the journal entries for 2022 the ZARA UNIVERSITY Contract. Your company name is PP. See below information: On December 1, PP signed a contract with ZARA University to provide them with 905 scooters, at a price of $655 each. ZARA University chose not to purchase the additional maintenance service. Because PP had a great sales year, they did not have any scooters in stock on December 1. ZARA University offered a bonus plan for early delivery. They will pay a 4% bonus if all scooters are delivered by the end of January, 3% if all scooters are delivered by the end of February, and 2% if all scooters are delivered by the end of March. It believes that it is 45% likely that it can deliver the remaining scooters in January, 40% likely that it will deliver them in February, 10% likely that it will deliver them in March, and 5% likely it will deliver them in April. PP delivered and was paid for 195 scooters during the month of December. Hint: Consider using the “Estimated Bonus" account. The analysis of the first four steps in the revenue recognition process are below:

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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