On May 10, 2015, Cosmo Co. enters into a contract to deliver a product to Greig Inc.

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On May 10, 2015, Cosmo Co. enters into a contract to deliver a product to Greig Inc. on June 15, 2015. Greig agrees to pay the full contract price of €2,000 on July 15, 2015. The cost of the goods is €1,300.

Cosmo delivers the product to Greig on June 15, 2015, and receives payment on July 15, 2015. Prepare the journal entries for Cosmo related to this contract.

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Intermediate Accounting IFRS Edition

ISBN: 9781118443965

2nd Edition

Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield

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