Revenue Recogniton problem

On May 10, 2014, Cosmo Co. enters into a contract to deliver a product to Greig Inc. on June 15, 2014. Greig agrees to pay the full contract price of $3,200 on July 15, 2014. The cost of the goods is $2,500. Cosmo delivers the product to Greig on June 15, 2014, and receives payment on July 15, 2014. Prepare the journal entries for Cosmo related to this contract. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

May 10, 2014

_______

_______

June 15, 2014

______

______

^ (TO RECORD SALE)

______

______

^ (TO RECORD COST OF GOODS SOLD)

July 15, 2014

________

________