Maple Popcorn Co. enters into a contract to delivery popcorn to the House of Commons on July 1, 2018. The House agrees to pay the full price of $3,000 on August 1, 2018. The cost of goods is $1,400. Maple Popcorn Co. delivers the popcorn to the House on July 1, 2018 and receives payment on August 1, 2018.

Required 1. Prepare the journal entries for Maple Popcorn Co. related to this contract.