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On May 1, 2020, Ivanhoe Inc. entered into a contract to deliver one of its specialty mowers to Kickapoo Landscaping Co. The contract requires
On May 1, 2020, Ivanhoe Inc. entered into a contract to deliver one of its specialty mowers to Kickapoo Landscaping Co. The contract requires Kickapoo to pay the contract price of $930 in advance on May 15, 2020. Kickapoo pays Ivanhoe on May 15, 2020, and Ivanhoe delivers the mower (with cost of $632) on May 31, 2020. (a) Prepare the journal entry on May 1, 2020, for Ivanhoe. (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 O for the amounts.) Date Account Titles and Explanation May 1, 2020 Debit Credit (b) Prepare the journal entry on May 15, 2020, for Ivanhoe. (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 O for the amounts.) Date Account Titles and Explanation May 15, 2020 Debit Credit
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