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On May 1, 2017, Cullumber Company enters into a contract to transfer a product to Eric Company on September 30, 2017. It is agreed that

On May 1, 2017, Cullumber Company enters into a contract to transfer a product to Eric Company on September 30, 2017. It is agreed that Eric will pay the full price of $24,130 in advance on June 15, 2017. Eric pays on June 15, 2017, and Cullumber delivers the product on September 30, 2017. Prepare the journal entries required for Cullumber in 2017.

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