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Brief Exercise 18-2

On May 10, 2017, Swifty Co. enters into a contract to deliver a product to Greig Inc. on June 15, 2017. Greig agrees to pay the full contract price of $2,060 on July 15, 2017. The cost of the goods delivers the product and receives payment on. Prepare the journal entries for Swifty related to this contract. Either party may terminate the contract without compensation until one of the parties performs.

Brief Exercise 18-2 On May 10, 2017, Swifty Co. enters into a contract to deliver a product to Greig Inc. on June 15, 2017. Greig agrees to pay the full contract price of $2,060 on July 15, 2017. The cost of the goods delivers the product and receives payment on. Prepare the journal entries for Swifty related to this contract. Either party may terminate the contract without compensation until one of the parties performs. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation (To record contract entered into) (To record sales) (To record cost of goods sold) (To record payment received) Debit Credit Brief Exercise 18-2 On May 10, 2017, Swifty Co. enters into a contract to deliver a product to Greig Inc. on June 15, 2017. Greig agrees to pay the full contract price of $2,060 on July 15, 2017. The cost of the goods delivers the product and receives payment on. Prepare the journal entries for Swifty related to this contract. Either party may terminate the contract without compensation until one of the parties performs. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation No Entry Debit Credit $0 $0 (To record contract entered into) Accounts Rec $2,060 Sales Revenu $2,060 (To record sales) Cost of Goods $1,350 Inventory $1,350 (To record cost of goods sold) Cash Accounts Rec (To record payment received) $2,060 $2,060 Brief Exercise 18-2 On May 10, 2017, Swifty Co. enters into a contract to deliver a product to Greig Inc. on June 15, 2017. Greig agrees to pay the full contract price of $2,060 on July 15, 2017. The cost of the goods delivers the product and receives payment on. Prepare the journal entries for Swifty related to this contract. Either party may terminate the contract without compensation until one of the parties performs. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation No Entry Debit Credit $0 $0 (To record contract entered into) Accounts Rec $2,060 Sales Revenu $2,060 (To record sales) Cost of Goods $1,350 Inventory $1,350 (To record cost of goods sold) Cash Accounts Rec (To record payment received) $2,060 $2,060