On May $10,2025,$ Cullumber Co$.$ enters into a contract to deliver a product to Oriole Inc. on June $15,2025.$ Oriole agrees to pay the full contract price of $$1,980$ on July $15,2025.$ The cost of the goods is $$1,280.$ Cullumber delivers the product to Oriole on June $15,2025,$ and receives payment on July $15,2025.$ Prepare the journal entries for Cullumber 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

Account Titles and Explanation

Debit

Credit