On May 10, 2020, Marigold Co. enters into a contract to deliver a product to Greig Inc. on June 15, 2020. Greig agrees to pay the full contract price of $1,890 on July 15, 2020. The cost of the goods is $1,170. Marigold delivers the product to Greig on June 15, 2020, and receives payment on July 15, 2020. Prepare the journal entries for Marigold related to this contract. Either 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.) Date Account Titles and Explanation Debit Credit choose a transaction date May 10, 2020Jun. 15, 2020Jul. 15, 2020 enter an account title to record contract entered into enter a debit amount enter a credit amount enter an account title to record contract entered into enter a debit amount enter a credit amount (To record contract entered into) choose a transaction date May 10, 2020Jun. 15, 2020Jul. 15, 2020 enter an account title to record sales enter a debit amount enter a credit amount enter an account title to record sales enter a debit amount enter a credit amount (To record sales) enter an account title to record cost of goods sold enter a debit amount enter a credit amount enter an account title to record cost of goods sold enter a debit amount enter a credit amount (To record cost of goods sold) choose a transaction date May 10, 2020Jun. 15, 2020Jul. 15, 2020 enter an account title to record payment received enter a debit amount enter a credit amount enter an account title to record payment received enter a debit amount enter a credit amount (To record payment received)

On May 10, 2020, Marigold Co. enters into a contract to deliver a product to Greig Inc. on June 15, 2020. Greig agrees to pay the full contract price of $1,890 on July 15, 2020. The cost of the goods is $1,170. Marigold delivers the product to Greig on June 15, 2020, and receives payment on July 15, 2020. Prepare the journal entries for Marigold related to this contract. Either 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.) Date Account Titles and Explanation Debit Credit choose a transaction date May 10, 2020Jun. 15, 2020Jul. 15, 2020 enter an account title to record contract entered into enter a debit amount enter a credit amount enter an account title to record contract entered into enter a debit amount enter a credit amount (To record contract entered into) choose a transaction date May 10, 2020Jun. 15, 2020Jul. 15, 2020 enter an account title to record sales enter a debit amount enter a credit amount enter an account title to record sales enter a debit amount enter a credit amount (To record sales) enter an account title to record cost of goods sold enter a debit amount enter a credit amount enter an account title to record cost of goods sold enter a debit amount enter a credit amount (To record cost of goods sold) choose a transaction date May 10, 2020Jun. 15, 2020Jul. 15, 2020 enter an account title to record payment received enter a debit amount enter a credit amount enter an account title to record payment received enter a debit amount enter a credit amount (To record payment received)

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter17: Advanced Issues In Revenue Recognition

Section: Chapter Questions

Problem 15E: On January 1, 2019, Piper Company entered into an agreement with Save-Mart to sell its most popular...

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Date	Account Titles and Explanation	Debit	Credit
choose a transaction date May 10, 2020Jun. 15, 2020Jul. 15, 2020	enter an account title to record contract entered into	enter a debit amount	enter a credit amount
	enter an account title to record contract entered into	enter a debit amount	enter a credit amount
	(To record contract entered into)
choose a transaction date May 10, 2020Jun. 15, 2020Jul. 15, 2020	enter an account title to record sales	enter a debit amount	enter a credit amount
	enter an account title to record sales	enter a debit amount	enter a credit amount
	(To record sales)
	enter an account title to record cost of goods sold	enter a debit amount	enter a credit amount
	enter an account title to record cost of goods sold	enter a debit amount	enter a credit amount
	(To record cost of goods sold)
choose a transaction date May 10, 2020Jun. 15, 2020Jul. 15, 2020	enter an account title to record payment received	enter a debit amount	enter a credit amount
	enter an account title to record payment received	enter a debit amount	enter a credit amount
	(To record payment received)

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