ABC Ltd sells goods worth $$10,000$ to XYZ Ltd$.$ The sales agreement specifies that XYZ Ltd will pay the money owned to ABC Ltd on $10$ July $20$X$0.$ Delivery will occur on $15$ August $20$X$0.$ Control of the goods passes to XYZ Ltd at the date of delivery.

Required

Prepare the journal entries to recognise the above transaction in the books of ABC Ltd on $10$ July and $15$ August $20$X$0.$ Note that for the account name, your response is restricted to one of the five key elements: asset, liability, equity, revenue, or expense.

$10$ July $20$X$0$