On May 10, 2020, Sheffield Co. enters into a contract to deliver a product to Greig Inc. on June 15, 2020. Greig agrees to pay the full contract price of $2,060 on July 15, 2020. The cost of the goods is $1,370. Sheffield delivers the product to Greig on June 15, 2020, and receives payment on July 15, 2020. Prepare the journal entries for Sheffield related to this contract. Either party may terminate the contract without compensation until one of the parties performs. (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 (To record contract entered into) (To record sales) (To record cost of goods sold) (To record payment received)