Question
On May 10, 2020, Pharoah Co. enters into a contract to deliver a product to Shamrock Inc. on June 15, 2020. Shamrock agrees to pay
On May 10, 2020, Pharoah Co. enters into a contract to deliver a product to Shamrock Inc. on June 15, 2020. Shamrock agrees to pay the full price of $2,170 on July 15, 2020. The cost of goods is $1,110. Pharoah delivers the product to Shamrock on June 15, 2020, and receives payment on July 15, 2020. Prepare the journal entries for Pharoah on May 10, June 15, and July 15 related to this contract. (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. Record journal entries in the order presented in the problem.)
Date | Account Titles and Explanation | Debit | Credit |
---|---|---|---|
choose a transaction date May 10, 2020June 15, 2020July 15, 2020 | enter an account title | enter a debit amount | enter a credit amount |
enter an account title | enter a debit amount | enter a credit amount | |
choose a transaction date May 10, 2020June 15, 2020July 15, 2020 | enter an account title to record the delivery | enter a debit amount | enter a credit amount |
enter an account title to record the delivery | enter a debit amount | enter a credit amount | |
(To record the delivery) | |||
choose a transaction date May 10, 2020June 15, 2020July 15, 2020 | enter an account title to record cost of goods sold | enter a debit amount | enter a credit amount |
enter an account title to record cost of goods sold | enter a debit amount | enter a credit amount | |
(To record cost of goods sold) | |||
choose a transaction date May 10, 2020June 15, 2020July 15, 2020 |
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