Pronghorn Mowers Ltd. agreed to sell the City of Halifax four riding mowers and 20 push lawn mowers. The contract price was $64,800. Pronghorn normally sells its riding mowers for $12,960 and its push lawn mowers for $864. The contract required the City of Halifax to pay Pronghorn once all of the merchandise has been delivered to the citys public works yard. Pronghorns management does not expect any returns or any issues with payment. Pronghorn delivered all four of the riding mowers and 14 of the push mowers on April 26. The remaining six push mowers were delivered on May 5. Pronghorn received payment from the city on May 18. Pronghorns cost for each riding mower is $8,964, while the push mowers cost the company $560 each.

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• Your Answer
• Correct Answer (Used)

Determine the amount of revenue that Pronghorn would be able to recognize in April.

		Revenue Recognized
Riding mowers		$ 48600
Push lawnmowers		$11340
Total		$ 59940

Record the transactions for April and May in Pronghorns records assuming that the company uses a perpetual inventory system. (List all debit entries before credit entries. 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.)

Date	Account Titles and Explanation	Debit	Credit
April 26May 5May 18
	(To record sales)
April 26May 5May 18
	(To record cost of goods sold)
April 26May 5May 18
	(To record sales)
April 26May 5May 18
	(To record cost of goods sold)
April 26May 5May 18