On May $10,2020,$ Larkspur Co$.$ enters into a contract to deliver a product to Greig Inc. on June $15,2020.$ Greig agrees to pay the full contract price of

$$1,930$ on July $15,2020.$ The cost of the goods is $$1,190.$ Larkspur delivers the product to Greig on June $15,2020,$ and receives payment on July $15,$

Prepare the journal entries for Larkspur related to this contract. Either party may terminate the contract without compensation until one of the

parties performs. $($Credit account titles are automatically indented when the 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.$)$

$($To record contract entered into$)$

$($To record sales$)$

$($To record cost of goods sold$)$

$($To record payment received$)$