On May $10,2025,$ Sheridan Co$.$ enters into a contract to deliver a product to Carla Vista Inc. on June $15,2025.$ Carla Vista agrees to

pay the full contract price of $$1,970$ on July $15,2025.$ The cost of the goods is $$1,270.$ Sheridan delivers the product to Carla Vista on

June $15,2025,$ and receives payment on July $15,2025.$ Prepare the journal entries for Sheridan 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

Date

Account Titles and Explanation

Debit

Credit

Accounts Receivable

Sales Revenue

Cost of Goods Sold

Inventory