(Solved): On May 10, 2025, Ivanhoe Co. enters into a contract to deliver a product to Pharoah Inc. on June 15, ...
On May 10, 2025, Ivanhoe Co. enters into a contract to deliver a product to Pharoah Inc. on June 15, 2025. Pharoah agrees to pay the full contract price of
$2,060on July 15,2025 . The cost of the goods is
$1,370. Ivanhoe delivers the product to Pharoah on June 15 . 2025, and receives payment on July 15, 2025. Prepare the journal entries for Ivanhoe 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. List all debit entries before credit entries. Record journal entries in the order presented in the problem.) Date
◻June 15, 2025 Account Titles and Explanation Accounts Receivable Sales Revenue Cost of Goods Sold
◻(To record sales) Cost of Goods Sold
◻(To record cost of goods sold) Debit
q,
q,
q,
q,
q,
q,
◻
◻
◻
◻Credit
q,
q,
q,
q,
q,
q,
q,
q,