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On May 10, 2025, Carla Vista Co. enters into a contract to deliver a product to Wildhorse Inc. on June 15,2025 . Wildhorse agrees to
On May 10, 2025, Carla Vista Co. enters into a contract to deliver a product to Wildhorse Inc. on June 15,2025 . Wildhorse agrees to pay the full contract price of $1,880 on July 15,2025 . The cost of the goods is $1,210. Carla Vista delivers the product to Wildhorse on June 15,2025 , and receive payment on July 15, 2025. Prepare the journal entries for Carla Vista related to this contract. Eithe 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 0 for the amounts. List all debit entries before credit entries. Record journal entries in the order presented in the problem.)
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