On May 1, 2020, Splish Company enters into a contract to transfer a product to Eric Company on September 30, 2020. It is agreed that Eric will pay the full price of $ 23,680 in advance on June 15, 2020. Eric pays on June 15, 2020, and Splish delivers the product on September 30, 2020. Prepare the journal entries required for Splish in 2020.
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On May 1, 2020, Splish Company enters into a contract to transfer a product to Eric Company on September 30, 2020. It is agreed that Eric will pay the full price of $ 23,680 in advance on June 15, 2020. Eric pays on June 15, 2020, and Splish delivers the product on September 30, 2020. Prepare the
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- On May 1, 2020, Mount Company enters into a contract to transfer a product to Eric Company on September 30, 2020. It is agreed that Eric will pay the full price of $25,000 in advance on June 15, 2020. Eric pays on June 15, 2020, and Mount delivers the product on September 30, 2020. Prepare the journal entries required for Mount in 2020.On May 10, 2020, Cullumber Co. enters into a contract to deliver a product to Greig Inc. on June 15, 2020. Greig agrees to pay the full contract price of $1,980 on July 15, 2020. The cost of the goods is $1,280. Cullumber delivers the product to Greig on June 15, 2020, and receives payment on July 15, 2020. Prepare the journal entries for Cullumber related to this contract. Either party may terminate the contract without compensation until one of the parties performs.On May 10, 2020, Splish Co. enters into a contract to deliver a product to Greig Inc. on June 15, 2020. Greig agrees to pay the full contract price of $2,080 on July 15, 2020. The cost of the goods is $1,330. Splish delivers the product to Greig on June 15, 2020, and receives payment on July 15, 2020. Prepare the journal entries for Splish related to this contract. Either party may terminate the contract without compensation until one of the parties performs. (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.) Date Account Titles and Explanation Debit Credit choose a transaction date enter an account title to record contract entered into enter a debit amount enter a credit amount enter an account title to record contract entered into enter a debit amount…
- On May 10, 2025, Cullumber Co. enters into a contract to deliver a product to Oriole Inc. on June 15, 2025. Oriole agrees to pay the full contract price of $1,980 on July 15, 2025. The cost of the goods is $1,280. Cullumber delivers the product to Oriole on June 15, 2025, and receives payment on July 15, 2025. Prepare the journal entries for Cullumber related to this contract. Either party may terminate the contract without compensation until one of the parties performs. (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 O 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 Debit Credit SIOn May 10, 2020, Cosmo Co. enters into a contract to deliver a product to Greig Inc. on June 15, 2020. Greig agrees to pay the full contract price of $2,000 on July 15, 2020. The cost of the goods is $1,300. Cosmo delivers the product to Greig on June 15, 2020, and receives payment on July 15, 2020. Prepare the journal entries for Cosmo related to this contract. Either party may terminate the contract without compensation until one of the parties performs.On May 10, 2020, Marigold Co. enters into a contract to deliver a product to Greig Inc. on June 15, 2020. Greig agrees to pay the full contract price of $1,890 on July 15, 2020. The cost of the goods is $1,170. Marigold delivers the product to Greig on June 15, 2020, and receives payment on July 15, 2020. Prepare the journal entries for Marigold related to this contract. Either party may terminate the contract without compensation until one of the parties performs. (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.) Date Account Titles and Explanation Debit Credit choose a transaction date May 10, 2020Jun. 15, 2020Jul. 15, 2020 enter an account title to record contract entered into enter a debit amount enter a credit amount enter an account title to record…
- On May 1, 2020, Richardson 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 $900 in advance on May 15, 2020. Kickapoo pays Richardson on May 15, 2020, and Richardson delivers the mower (with cost of $575) on May 31, 2020. Instructions a. Prepare the journal entry on May 1, 2020, for Richardson. b. Prepare the journal entry on May 15, 2020, for Richardson. c. Prepare the journal entry on May 31, 2020, for Richardson.On October 5, 2020, a company enters into a contract to transfer a product to the customer. It is agreed that the customer will pay the full price of $50,000 in advance on October 10, 2020. The customer pays on October 10, 2020, and company delivers the product on October 26, 2020. When will the (seller) company make its first journal entry related to the above? Choose from 5, 10, and 26, and enter the date only.On May 1, 2020, Culver 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 $942 in advance on May 15, 2020. Kickapoo pays Culver on May 15, 2020, and Culver delivers the mower (with cost of $585) on May 31, 2020.(a) Prepare the journal entry on May 1, 2020, for Culver. (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.) Date Account Titles and Explanation Debit Credit May 1, 2020 enter an account title to record the transaction on May 1, 2017 enter a debit amount enter a credit amount enter an account title to record the transaction on May 1, 2017 enter a debit amount enter a credit amount (b) Prepare the journal entry on May 15, 2020, for Culver. (Credit account titles are automatically indented when the…
- On May 1, 2020, Teal 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 $990 in advance on May 15, 2020. Kickapoo pays Teal on May 15, 2020, and Teal delivers the mower (with cost of $648) on May 31, 2020.(a) Prepare the journal entry on May 1, 2020, for Teal. (b) Prepare the journal entry on May 15, 2020, for Teal. (c) Prepare the journal entry on May 31, 2020, for Teal.On May 10, 2020, Vaughn Co. enters into a contract to deliver a product to Greig Inc. on June 15, 2020. Greig agrees to pay the full contract price of $2,060 on July 15, 2020. The cost of the goods is $1,380. Vaughn delivers the product to Greig on June 15, 2020, and receives payment on July 15, 2020. Prepare the journal entries for Vaughn related to this contract. Either party may terminate the contract without compensation until one of the parties performs. (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.)On May 1, 2020, Marin 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 $895 in advance on May 15, 2020. Kickapoo pays Marin on May 15, 2020, and Marin delivers the mower (with cost of $557) on May 31, 2020.(a) Prepare the journal entry on May 1, 2020, for Marin. (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.) Date Account Titles and Explanation Debit Credit May 1, 2020 enter an account title to record the transaction on May 1, 2017 enter a debit amount enter a credit amount enter an account title to record the transaction on May 1, 2017 enter a debit amount enter a credit amount (b) Prepare the journal entry on May 15, 2020, for Marin. (Credit account titles are automatically indented when the…
