On July 8, Azure Corporation enters into an agreement with one of its customers, Madsen, Inc. to provide them with 1,500 units at a cost of $500 per unit. Madsen sends a cash deposit of $75,000 on the same day. Azure sends the first 900 units on August 31, with an invoice for $225,000 due September 15. The remaining 600 units are delivered on October 15, along with an invoice for the remaining amount of the total $750,000 purchase price, due October 31. Madsen made all payments on the invoice due dates. Assume that Azure Corporation had no uncertainties about its own ability to meet the terms of the contract or about Madsen, Inc.'s ability and willingness to pay.

Prepare the journal entries to record the events (leaving out the accounting for Azure's costs).

Date	Account	Debit	Credit
July 8	Accounts receivableCashContract assetContract liabilityExpenseRetained earningsRevenue		Answer
	Accounts receivableCashContract assetContract liabilityExpenseRetained earningsRevenue		Answer
	To record the deposit.
August 31	Accounts receivableCashContract assetContract liabilityExpenseRetained earningsRevenue		Answer
	Accounts receivableCashContract assetContract liabilityExpenseRetained earningsRevenue		Answer
	Accounts receivableCashContract assetContract liabilityExpenseRetained earningsRevenue		Answer
	Accounts receivableCashContract assetContract liabilityExpenseRetained earningsRevenue		Answer
	To record initial delivery of units.
September 15	Accounts receivableCashContract assetContract liabilityExpenseRetained earningsRevenue		Answer
	Accounts receivableCashContract assetContract liabilityExpenseRetained earningsRevenue		Answer
	To collect cash on account.
October 15	Accounts receivableCashContract assetContract liabilityExpenseRetained earningsRevenue		Answer
	Accounts receivableCashContract assetContract liabilityExpenseRetained earningsRevenue		Answer
	Accounts receivableCashContract assetContract liabilityExpenseRetained earningsRevenue		Answer
	To record delivery of remaining units.
October 31	Accounts receivableCashContract assetContract liabilityExpenseRetained earningsRevenue		Answer
	Accounts receivableCashContract assetContract liabilityExpenseRetained earningsRevenue		Answer
	To collect cash on account.