On May 1, 2025, William Inc. entered into a contract to deliver one of its specialty mowers to Crane Landscaping Co. The contract requires Crane to pay the contract price of $944 in advance on May 15, 2025. Crane pays William on May 15, 2025, and William delivers the mower (with cost of $620) on May 31, 2025.
On May 1, 2025, William Inc. entered into a contract to deliver one of its specialty mowers to Crane Landscaping Co. The contract requires Crane to pay the contract price of $944 in advance on May 15, 2025. Crane pays William on May 15, 2025, and William delivers the mower (with cost of $620) on May 31, 2025.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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don't give answer in image format
Transcribed Image Text:On May 1, 2025, William Inc. entered into a contract to deliver one of its specialty mowers to Crane Landscaping Co. The contract
requires Crane to pay the contract price of $944 in advance on May 15, 2025. Crane pays William on May 15, 2025, and William
delivers the mower (with cost of $620) on May 31, 2025.
Transcribed Image Text:Your answer is partially correct.
Prepare the journal entry on May 31, 2025, for William. (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.)
Date
May 31, 2025
Account Titles and Explanation
Cost of Goods Sold
Inventory
(To record sales)
May 31,2025 Unearned Sales Revenuel
Inventory
(To record cost of goods sold)
Debit
7
620
620
Credit
62
62
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