On July $1,2021,$ Pharoah Inc. entered into a contract to deliver one of its specialty machines to Kickapoo Landscaping Co$.$ The contract requires

Kickapoo to pay the contract price of $$3,500$ in advance on July $15,2021.$ Kickapoo pays Pharoah on July $15,2021,$ and Pharoah delivers the

machine $($with cost of $$2,200)$ on July $31,2021.$

Prepare the journal entry on July $1,2021,$ for Pharoah. $($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.$)$

Account Titles and Explanation

Debit

Credit

eTextbook and Media

List of Accounts

Prepare the journal entry on July $15,2021,$ for Pharoah. $($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.$)$

Account Titles and Explanation

Debit

Credit

Prepare the journal entry on July $15,2021,$ for Pharoah. $($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.$)$

Account Titles and Explanation

Debit

Credit

eTextbook and Media

List of Accounts

Prepare the journal entry on July $31,2021,$ for Pharoah. $($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.$)$

Account Titles and Explanation

Debit

Credit

$($To record contract price paid$)$

$($To record cost of machine$)$