On May 1, 2023, White Inc. entered into a contract to deliver one of its specialty mowers to Blossom Landscaping Co. The contract requires Blossom to pay the contract price of $870 in advance, on May 15, 2023. Blossom pays White on May 15, 2023, and White delivers the mower (with a cost of $665) on May 31, 2023. White follows IFRS. (a) Prepare the journal entry on May 1, 2023, for White. (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 debit entry before credit entry) Date May 1, 2023 Account Titles and Explanation Debit Credit

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Contract Costing

Contract costing is about tracing particular costs related to a particular contract entered into with the customer. It is one of the forms of job order costing. It is useful in long-term contracts at the most. It is seen that substantial time is required for the completion of the contract which takes different accounting periods. Thus, it is very much helpful for recognizing the costs associated with it and accounting in their specific accounting periods.