Exercise 18-3 On May 1, 2017, Bramble Inc. entered into a contract to deliver one of its specialty mowers to Kickapoo Landscaping Co.
Exercise 18-3 On May 1, 2017, Bramble Inc. entered into a contract to deliver one of its specialty mowers to Kickapoo Landscaping Co.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Exercise 18-3
On May 1, 2017, Bramble Inc. entered into a contract to deliver one of its specialty mowers to Kickapoo Landscaping Co. The contract requires Kickapoo to pay the contract price of $931 in advance on May 15, 2017. Kickapoo pays Bramble on May 15, 2017, and Bramble delivers the mower (with cost of $585) on May 31, 2017.
(a) Prepare thejournal entry on May 1, 2017, for Bramble. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.)
(b) Prepare the journal entry on May 15, 2017, for Bramble. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.)
(c) Prepare the journal entry on May 31, 2017, for Bramble. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.)
(a) Prepare the
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Date
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Account Titles and Explanation
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Debit
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Credit
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May 1, 2017
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(b) Prepare the journal entry on May 15, 2017, for Bramble. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.)
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Date
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Account Titles and Explanation
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Debit
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Credit
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May 15, 2017
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(c) Prepare the journal entry on May 31, 2017, for Bramble. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.)
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Date
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Account Titles and Explanation
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Debit
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Credit
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May 31, 2017
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(To record sales)
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(To record cost of goods sold)
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