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Omega Coffee Shop enters into a contract with Software Wizards Co. on May 15, 2020, to deliver 100 bags of ground coffee beans to Software

Omega Coffee Shop enters into a contract with Software Wizards Co. on May 15, 2020, to deliver 100 bags of ground coffee beans to Software on June 1. Software agrees to pay $1,000 for the coffee beans, which cost Omega $6 each. Omega delivers the bags of coffee beans on June 1, 2020, and receives payment from Software on June 20, 2020. Prepare the journal entries for Omega Coffee Shop related to this contract.

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