Exercise 18-3

On May 1, 2017, Windsor Inc. entered into a contract to deliver one of its specialty mowers to Kickapoo Landscaping Co. The contract requires Kickapoo to pay the contract price of $874 in advance on May 15, 2017. Kickapoo pays Windsor on May 15, 2017, and Windsor delivers the mower (with cost of $534) on May 31, 2017.

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Exercise 18-3 On May 1, 2017, Windsor Inc. entered into a contract to deliver one of its specialty mowers to Kickapoo Landscaping Co. The contract requires Kickapoo to pay the contract price of $874 in advance on May 15, 2017. Kickapoo pays Windsor on May 15, 2017, and Windsor delivers the mower (with cost of $534) on May 31, 2017. (a) Prepare the journal entry on May 1, 2017, for Windsor. (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.) (b) Prepare the journal entry on May 15, 2017, for Windsor. (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.) (c) Prepare the journal entry on May 31, 2017, for Windsor. (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.)