Recording and Reporting Customer Advances Manchester Co. operates as a manufacturer of industrial equipment. On March 28, 2020, Manchester Co. required an advance payment of $80,000 from a customer on a special order of equipment. On May 1, 2020, Manchester Co. prepared an invoice and delivered the industrial equipment to the customer. Total sales price is $320,000 and the remaining balance is due upon receipt of purchase. Required Note: List multiple debits or credits (when applicable) in alphabetical order. a. Record the entry on March 28, 2020, for Manchester Co.'s acceptance of the advance payment. Account Name Dr. Cr. Date Mar. 28, 2020 b. Indicate how the payment would be reported on Manchester's March 31, 2020, financial statements. Balance Sheet March 31, 2020 $ C. Record the entry on May 1, 2020, for the sale of the equipment assuming that the advance payment was applied to the balance due. Ignore the cost of goods sold entry. Date Account Name Dr. Cr. May 1, 2020