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Question #5: (6 marks) Rai Corp. enters a contract to delivery chocolate to the Factory on January 1, 2021. The Factory agrees to pay the
Question #5: (6 marks) Rai Corp. enters a contract to delivery chocolate to the Factory on January 1, 2021. The Factory agrees to pay the full price of $ 9,000 on February 1, 2021. The cost of goods is $ 1,800. Rai Corp. delivers the chocolate to the Factory on January 1, 2021 and receives payment on February 1, 2021. Prepare the journal entries for Rai Corp. related to this contract on January 1, 2021 and February 1, 2021.
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