Question: On May 1 0 , 2 0 2 5 , Cullumber Co . enters into a contract to deliver a product to Oriole Inc. on

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 $

2, 060

on July

15, 2025 .

The cost of the goods is $

1, 350 .

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

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