On May 1, 2014, Mount Company enters into a contract to transfer a product to Eric Company
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On May 1, 2014, Mount Company enters into a contract to transfer a product to Eric Company on September 30, 2014. It is agreed that Eric will pay the full price of $25,000 in advance on June 15, 2014. Eric pays on June 15, 2014, and Mount delivers the product on September 30, 2014. Prepare the journal entries required for Mount in 2014?
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No entry is required on May 1 2014 because neither ...View the full answer
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Related Book For 
Intermediate Accounting 2014 FASB Update
ISBN: 978-1118147290
15th edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
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