On May 1, 2025, Sunland Company enters into a contract to transfer a product to Charlie Company on September 30, 2025. It is agreed that Charlie will pay the full price of $26,420 in advance on June 15, 2025. Charlie pays on June 15, 2025, and Sunland delivers the product on September 30, 2025. Prepare the journal entries required for Sunland in 2025. (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 May 1, 2025 June 15, 2025 Sep. 30, 2025 Debit Credit
On May 1, 2025, Sunland Company enters into a contract to transfer a product to Charlie Company on September 30, 2025. It is agreed that Charlie will pay the full price of $26,420 in advance on June 15, 2025. Charlie pays on June 15, 2025, and Sunland delivers the product on September 30, 2025. Prepare the journal entries required for Sunland in 2025. (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 May 1, 2025 June 15, 2025 Sep. 30, 2025 Debit Credit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:On May 1, 2025, Sunland Company enters into a contract to transfer a product to Charlie Company on September 30, 2025. It is
agreed that Charlie will pay the full price of $26,420 in advance on June 15, 2025. Charlie pays on June 15, 2025, and Sunland delivers
the product on September 30, 2025. Prepare the journal entries required for Sunland in 2025. (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
May 1, 2025
June 15, 2025
Sep. 30, 2025
Debit
Credit
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