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Exercise 18-3 On May 1, 2017, Cullumber Inc. entered into a contract to deliver one of its specialty mowers to kickapoo Lands

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Requirement a:

No Entry for May 1,2017 because there is no transaction

Requirement b:

Date Account title and Explanation Debit Credit
May 15,2017 Cash $816
Unearned revenue $816
[To record advance received from customers]

Requirement c:

Date Account title and Explanation Debit Credit
May 31,2017 Unearned revenue $816
Sales revenue $816
[To record sales]
Cost of goods sold $504
Inventory $504
[To record cost of goods sold]
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