Problem
Crane Lawn Care Inc. (CLC) offers its customers two lawn maintenance services. One service is for a one-year maintenance plan at a cost of $240. Customers can earn a 5% discount from this price if they pay before CLC's calendar fiscal year for maintenance services to be performed in the following year. The second service offered by CLC is a three-year maintenance plan that sells for $510. The first year's maintenance service for this three-year plan will be delivered before CLC's fiscal year end. No discount for early payment is offered for the second plan.
• Prepare the summary journal entry for the cash sale of 240 one-time plans for the current year, 100 discounted one- time plans for the following year, and 340 three-year maintenance plans.