On June 1, 2019, Madison Inc. entered into a contract to deliver one of its specialty machinery to Pick Co. The contract requires Pick to pay the contract price of €900 in advance on June 15, 2019. Pick pays Madison on June 15, 2019, and Madison delivers the machinery (with cost of €575) on June 31, 2019. Instructions Prepare the journal entry on June 1, 2019, for Madison. Prepare the journal entry on June 15, 2019, for Madison. Prepare the journal entry on June 31, 2019, for Madison.
On June 1, 2019, Madison Inc. entered into a contract to deliver one of its specialty machinery to Pick Co. The contract requires Pick to pay the contract price of €900 in advance on June 15, 2019. Pick pays Madison on June 15, 2019, and Madison delivers the machinery (with cost of €575) on June 31, 2019. Instructions Prepare the journal entry on June 1, 2019, for Madison. Prepare the journal entry on June 15, 2019, for Madison. Prepare the journal entry on June 31, 2019, for Madison.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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On June 1, 2019, Madison Inc. entered into a contract to deliver one of its specialty machinery to Pick Co. The contract requires Pick to pay the contract price of €900 in advance on June 15, 2019. Pick pays Madison on June 15, 2019, and Madison delivers the machinery (with cost of €575) on June 31, 2019.
Instructions
- Prepare the
journal entry on June 1, 2019, for Madison. - Prepare the journal entry on June 15, 2019, for Madison.
- Prepare the journal entry on June 31, 2019, for Madison.
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