Current Attempt in Progress

Sheridan Company is involved in the design, manufacture, and installation of various types of wood products for large construction projects. Sheridan recently completed a large contract for Stadium Inc., which consisted of building $35$ different types of concession counters for a new soccer arena under construction. The terms of the contract are that upon completion of the counters, Stadium would pay $$1,959,000.$ Unfortunately, due to the depressed economy, the completion of the new soccer arena is now delayed. Stadium has therefore asked Sheridan to hold the counters for $2$ months at its manufacturing plant until the arena is completed. Stadium acknowledges in writing that it ordered the counters and that they now have ownership. The time that Sheridan Company must hold the counters is totally dependent on when the arena is completed. Because Sheridan has not received additional progress payments for the counters due to the delay, Stadium has provided a deposit of $$277,000.$

$($c$)$ Prepare the journal entry that Sheridan should make, assuming it signed a valid sales contract to sell the counters and received at the time the $$277,000$ deposit. $($Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select $"$No entry" for the account titles and enter $0$ for the amounts. List all debit entries before credit entries.$)$

Account Titles and Explanation

Debit

Credit