On May 1, 2020, Nash 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 $889 in advance on May 15, 2020. Kickapoo pays Nash on May 15, 2020, and Nash delivers the mower (with cost of $542) on May 31, 2020. (a) Prepare the journal entry on May 1, 2020, for Nash. (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, 2020, for Nash. (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, 2020, for Nash. (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, Nash 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 $889 in advance on May 15, 2020. Kickapoo pays Nash on May 15, 2020, and Nash delivers the mower (with cost of $542) on May 31, 2020.
(a) Prepare the
(b) Prepare the journal entry on May 15, 2020, for Nash. (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, 2020, for Nash. (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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