On May 1, 2020, Green Machine Inc. entered into a contract to deliver one of its specialty

Question:

On May 1, 2020, Green Machine Inc. entered into a contract to deliver one of its specialty mowers to Schroeter Landscaping Co. The contract requires Schroeter to pay the contract price of $3,200 in advance on May 15, 2020. Schroeter pays Green Machine on May 15, 2020, and Green Machine delivers the mower (with a cost of $2,150) on May 31, 2020. Green Machine has a perpetual inventory system.

Instructions

a. Prepare the journal entry on May 1, 2020 for Green Machine.

b. Prepare the journal entry on May 15, 2020 for Green Machine.

c. Prepare the journal entry on May 31, 2020 for Green Machine.

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Step by Step Answer:

Answer rating: 83% (12 reviews)

a May 1 2020 No entry neither party has performed on May 1 2020 b May 15 2020 Cash 3...View the full answer

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Muhammad Salman Alvi

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Question Posted: Jul 02, 2020 01:57 AM

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On May 1, 2020, Green Machine Inc. entered into a contract to deliver one of its specialty

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a May 1 2020 No entry neither party has performed on May 1 2020 b May 15 2020 Cash 3...View the full answer

Intermediate Accounting Volume 2

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