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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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