Question: On May 10, 2014, Cosmo Co. enters into a contract to deliver a product to Greig Inc. on June 15, 2014. Greig agrees to pay

On May 10, 2014, Cosmo Co. enters into a contract to deliver a product to Greig Inc. on June 15, 2014. Greig agrees to pay the full contract price of $2,000 on July 15, 2014. The cost of the goods is $1,300. Cosmo delivers the product to Greig on June 15, 2014, and receives payment on July 15, 2014. Prepare the journal entries for Cosmo related to this contract?

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