Advance accounting 1. Prepare the journal entries necessary on july 31,20172. Prepare the journal entries necessary on August 31 , 2017

XIX - Contracts and Recognition On March 1, 20x7, Giordano Company enters into a contract to transfer a product to Hotter on July 31, 20x7. The contract is structured such that Warmer is required to pay the full contract price of P57,000 on August 31, 20x7. The cost of the goods transferred is P34,200. Giordano delivers the product to Hotter on July 31, 20x7. VOLUME I | Advanced Financial Accounting - (A Comprehensive & Procedural Approach)