Question: On May 1 , 2 0 2 5 , Sheridan Company enters into a contract to transfer a product to Richard Company on September 3

On May

1, 2025,

Sheridan Company enters into a contract to transfer a product to Richard Company on September

30, 2025 .

It is agreed that Richard will pay the full price of $

26, 190

in advance on June

15, 2025 .

Richard pays on June

15, 2025,

and Sheridan delivers the product on September

30, 2025 .

Prepare the journal entries required for Sheridan in

2025 . (

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 Ofor the omounts. List all debit entries before credit entries. Record journal entries in the order presented in the problem.

)

Date

Account Titles and Explanation

Debit

Credit

On May 1 , 2 0 2 5 , Sheridan Company enters into

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