On May 10, 2025, Crane Co. enters into a contract to deliver a product to Ivanhoe...

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On May 10, 2025, Crane Co. enters into a contract to deliver a product to Ivanhoe Inc. on June 15, 2025. Ivanhoe agrees to pay the full contract price of $2,110 on July 15, 2025. The cost of the goods is $1,390. Crane delivers the product to Ivanhoe on June 15, 2025, and receives payment on July 15, 2025. Prepare the journal entries for Crane 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 May 10, 2025 No Entry No Entry June 15, 2025 Accounts Receivable Sales Revenue July 15, 2025 (To record sales) Cash Accounts Receivable July 15, 2025 (To record cost of goods sold) Cost of Goods Sold Inventory Debit 0 2110 2110 1390 Credit On May 10, 2025, Crane Co. enters into a contract to deliver a product to Ivanhoe Inc. on June 15, 2025. Ivanhoe agrees to pay the full contract price of $2,110 on July 15, 2025. The cost of the goods is $1,390. Crane delivers the product to Ivanhoe on June 15, 2025, and receives payment on July 15, 2025. Prepare the journal entries for Crane 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 May 10, 2025 No Entry No Entry June 15, 2025 Accounts Receivable Sales Revenue July 15, 2025 (To record sales) Cash Accounts Receivable July 15, 2025 (To record cost of goods sold) Cost of Goods Sold Inventory Debit 0 2110 2110 1390 Credit