On May $10,2020,$ Wildhorse Co$.$ enters into a contract to deliver a product to Greig Inc. on June $15,2020.$ Greig agrees to pay the full contract price of $$2,080$ on July $15,2020.$ The cost of the goods is $$1,330.$ Wildhorse delivers the product to Greig on June $15,2020,$ and receives payment on July $15,2020.$ Prepare the journal entries for Wildhorse 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 amount.

$($To record contract entered into$)$

$($To record sales$)$

$($To record cost of goods sold$)$

$($To record payment received$)$