On March 1, 2023, Ivanhoe Company enters into a contract to transfer a product to Kingbird Inc. on July 31, 2023. Kingbird agrees to pay the full price of $14,500 in advance on April 15, 2023. Ivanhoe delivers the product on July 31, 2023. The cost of the product is $8,100. What journal entries are required in 2023? (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. List all debit entries before credit entries. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation (To record delivery of goods) (To record cost of goods sold) Debit Credit

On March 1, 2023, Ivanhoe Company enters into a contract to transfer a product to Kingbird Inc. on July 31, 2023. Kingbird agrees to pay the full price of $14,500 in advance on April 15, 2023. Ivanhoe delivers the product on July 31, 2023. The cost of the product is $8,100. What journal entries are required in 2023? (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. List all debit entries before credit entries. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation (To record delivery of goods) (To record cost of goods sold) Debit Credit

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter9: Current Liabilities And Contingent Obligations

Section: Chapter Questions

Problem 1MC: The balance in Ashwood Companys accounts payable account at December 31, 2019, was 1,200,000 before...

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