Question - The State of Kentucky is planning major renovations in its parks during 2014 and enters into a contract with Grill Master to purchase 400 durable, easy maintenance, standard charcoal grills during 2014. The grills are priced at $210 each (with a cost of $170 each), and Grill Master provides a 7% volume discount if Kentucky purchases at least 290 grills during 2014. On April 17, 2014, Grill Master delivered and received payment for 285 grills. Based on prior experience with the State of Kentucky renovation projects, the delivery of this many grills makes it certain that Kentucky will meet the discount threshold.
Prepare the journal entries for Grill Master for grills sold on April 17, 2014.