On May $10,2025,$ Ivanhoe Co$.$ enters into a contract to deliver a product to Pharoah Inc. on June $15,2025.$ Pharoah agrees to pay the full contract price of $$2,060$ on July $15,2025.$ The cost of the goods is $$1,370.$ Ivanhoe delivers the product to Pharoah on June $15.2025,$ and receives payment on July $15,2025.$ Prepare the journal entries for Ivanhoe 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. List all debit entries before credit entries. Record journal entries in the order presented in the problem.$)$

Date

$$

June $15,2025$

Account Titles and Explanation

Accounts Receivable

Sales Revenue

Cost of Goods Sold

$$

$($To record sales$)$

Cost of Goods Sold

$$

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

Debit

$q,$

$q,$

$q,$

$q,$

$q,$

$q,$

$$

$$

$$

$$

Credit

$q,$

$q,$

$q,$

$q,$

$q,$

$q,$

$q,$

$q,$