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On May 1, 2020, Waterway Inc. entered into a contract to deliver one of its specialty mowers to Kickapoo Landscaping Co. The contract requires Kickapoo
On May 1, 2020, Waterway 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 $895 in advance on May 15, 2020. Kickapoo pays Waterway on May 15, 2020, and Waterway delivers the mower (with cost of $557) on May 31, 2020. (a) Prepare the journal entry on May 1, 2020, for Waterway. (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 Waterway. (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 Debit Credit May 15, 2020 (c) Prepare the journal entry on May 31, 2020, for Waterway. (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 31, 2020 (To record sales) (To record cost of goods sold) Debit Credit
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