Question

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On May 10, 2017, Martinez Co. enters into a contract to deliver a product to Greig Inc. on June 15, 2017, Greig agrees to pay the full contract price of $1,920 on July 15, 2017. The cost of the goods is $1,220. Martinez delivers the product to Greig on June 15, 2017, and receives payment on July 15, 2017. Prepare the journal entries for Martinez 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 (To record contract entered into) (To record sales) (To record cost of goods sold) (To record payment recelved)

Answer 1

Date	Account titles and explanation				Debit	Credit
10-May	No entry is required (there is no liability )
15-Jun	accounts receivable				1920
	sales					1920
	(to record sales)
	cost of goods sale				1220
	inventory					1220
	(to record cost of goods sold)
15-Jul	cash				1920
	accounts receivable					1920
	(to record payment received )

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