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On May 1, 2017, Vaughn Inc. entered into a contract to deliver one of its specialty...

On May 1, 2017, Vaughn Inc. entered into a contract to deliver one of its specialty mowers to Kickapoo Landscaping Co. The contract requires Kickapoo to pay the contract price of $893 in advance on May 15, 2017. Kickapoo pays Vaughn on May 15, 2017, and Vaughn delivers the mower (with cost of $566) on May 31, 2017.

(a) Prepare the journal entry on May 1, 2017, for Vaughn

(b) Prepare the journal entry on May 15, 2017, for Vaughn

(c) Prepare the journal entry on May 31, 2017, for Vaughn

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Answer #1
Date Account Titles and Explanation Debit    Credit  
May 1, 2017 No entry is required
May 15, 2017 Cash $893
Unearned Revenue $893
May 31, 2017 Unearned Revenue $893
Sales revenue $893
May 31, 2017 Cost of Good sold $566
Inventory $566
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